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
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.
-
Honda Re-Imagines and Re-Engineers the Ridgeline
When Honda announced the first-generation Ridgeline in 2005, it opened the press release describing the vehicle: “The Honda Ridgeline re-defines what a truck can be with its true half-ton bed payload capability, an interior similar to a full-size truck and the exterior length of a compact truck.” And all that said, people simply couldn’t get over the way there is a diagonal piece, a sail-shaped buttress, between the cab and the box.