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Visteon’s Profits Plunge 80%
Electronics supplier Visteon Corp. says its second-quarter sales and net income from continuing operations fell 3% to $733 million and 80% to $7 million, respectively.
#economics #electronics
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Electronics supplier Visteon Corp. says its second-quarter sales and net income from continuing operations fell 3% to $733 million and 80% to $7 million, respectively.
Pretax income fell 67% to $16 million in April-June. The company, which is headquartered near Detroit, blames its downturn on slumping auto production, pricing pressures and unfavorable currency exchange rates.
Visteon affirms its expectation that full-year revenue will be approximately equal to the $3 billion reported in 2018. But it has reduced its EBITDA forecast by about 7% to a median $240 million.
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