Visteon's third-quarter net income fell 33% to $ 14 million. However, due to the launch of the product, its revenue increased by 7% to $ 731 million.
According to foreign media reports, Visteon said on October 24 that the company's third-quarter net income fell by 33% to $ 14 million. However, due to the introduction of new products, its revenue increased by 7% to $ 731 million.
Visteon's main products include electronic equipment such as vehicle dashboards, HUD displays, in-car infotainment systems and audio systems. The company's report showed that its adjusted EBITDA for the third quarter was $ 62 million, compared with $ 71 million for the same period last year. In the third quarter of this year, the company's adjusted EBITDA margin was 8.5%.
Visteon narrowed its full-year outlook to between $ 2.925 billion and $ 2.975 billion, compared to the previous range of $ 2.9 billion to $ 3.0 billion. The company maintains the previously issued adjusted full-year EBITDA guidance of $ 230 million to $ 250 million.
The company's free cash flow outlook has risen to between $ 40 million and $ 60 million, compared to the previous range of $ 30 million to $ 50 million. The company's adjusted free cash flow in the third quarter was $ 23 million, which was higher than the negative $ 42 million in the same period in 2018.
The company said that in the first nine months of 2019, they had acquired $ 4.6 billion in new life-time sales.
Sachin Lawande, CEO of the company, said in a statement: "Our revenue growth reflects the positive impact of a large number of new product launches in the past 12 months. Despite the challenges facing the automotive production environment, Our revenue increased by 7% year-on-year, which is 10% higher than the market average. "
At the close of October 24, Visteon shares rose 8.5% to $ 91.05. Baird Equity Research analyst David Leiker said the new business helped Visteon and allowed the company to grow faster than the sluggish light vehicle production market.
Visteon ranked 72nd on Automotive News's Global Top 100 Suppliers list. The company's auto parts sales in 2018 were $ 2.98 billion.