Mexican Media Brands
Visteon’s Net Income Plunges 78%
Electronics supplier Visteon Corp. says its net income in the first quarter plummeted 78% to $14 million as revenue dropped 10% to $737 million.
#electronics #economics
Share
Electronics supplier Visteon Corp. says its net income in the first quarter plummeted 78% to $14 million as revenue dropped 10% to $737 million.
Visteon’s pretax earnings shrank to $11 million in January-March. The company’s gross margin plunged nearly 50% to $66 million.
The suburban Detroit supplier blames the expected slump on shrinking sales, unfavorable exchange rates, new product launch delays and the cost of customer design changes. The company notes that it also won $1.4 billion in new business, one-third of it related to battery management and other electric car programs.
The company predicts its troubles will be “largely resolved” by the end of the third quarter. Still, the company predicts its full-year sales will be flat at about $3 billion.
The company lowered its guidance for full-year EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) in 2019 to about $255 million. That target compares with earlier guidance of at least $289 million and last year’s total of $330 million.
RELATED CONTENT
-
Mercedes-Benz Sprinter 2500 Passenger Van
It is hard to describe how large—more precisely, long and spacious—the Sprinter Passenger Van is in a meaningful way.
-
2018 Ford EcoSport: Small Is the New Big
Eric Loeffler, chief program engineer for the 2018 Ford EcoSport, recalls driving home from work one day from the product development center in Brazil where work was underway on developing the vehicle that will be coming to the U.S. in 2018, having been launched in 2003 in South America and is now become available in 140 countries around the world.
-
Autoline After Hours: The 2020 Cadillac XT6
Cadillac currently has three non-car vehicles in its lineup, the imposing and possibly venerable Escalade, the XT5, which started its existence as the SRX and is now crushing it in the market, and the most recent, the compact XT4, which is in a sweet spot for those looking to get into the premium portion of the market.