Visteon Announces Second Quarter Financial Results

Visteon Corporation (NASDAQ:VC), autonomous driving supplier announced its second quarter financial results. The company, driven by AI-powered algorithms reported US$7 million in net income and US$46 million in adjusted EBITDA.

As quoted in the press release:

During the first half of 2019, global vehicle manufacturers awarded Visteon new business of $3.2 billion in lifetime sales, with more than 60 percent from next-generation digital products — including three wins powered by Visteon’s industry-first SmartCore^™ domain controller. More than one third of the wins are on electric vehicle platforms.

“Despite the challenging vehicle production environment, our second-quarter sales outperformed the industry, particularly in China,” said Visteon President and CEO Sachin Lawande. “We continued to gain momentum in winning next-generation digital platforms, including an Android-based display audio system with a European automaker, a multi-display module with a Korean vehicle manufacturer, and a cross-platform SmartCore^™ award with a China-based automaker. Our pipeline of new business opportunities remains robust despite the near-term uncertainty, which reinforces our confidence in the long-term prospects of the business.”

Click here to read the full press release.