DETROIT -- Automotive electronic supplier Visteon Corp.'s net income and revenue soared in the second quarter amid new product launches and cost recoveries from the semiconductor shortage.
The company, based in suburban Detroit, said in its second-quarter earnings report Thursday that net income surged 318 percent to $24 million, up from an $11 million loss in the second quarter last year. Net sales for the automotive supplier rose 42 percent to $848 million, excluding currency fluctuations.
The increases came after Visteon launched 11 new products during the second quarter, including a 12-inch digital cluster for the Ford Express and Ranger.
The company said it generated $3.1 billion of new business in the first half of 2022, down from $3.2 billion in the first half of 2021. Over half of the new business programs came from EV variants, Visteon said.
"We launched 11 new products in the quarter and 27 in the first half [of the year], across multiple OEMs on high-profile vehicle models," Visteon CEO Sachin Lawande said in a Thursday call with investors. "We won over $2 billion of new business in the second quarter, bringing our year-to-date total to approximately $3.1 billion. This performance puts us on track for achieving our year target of approximately $6 billion."
Shares of Visteon gained 4.9 percent to $124.13 in midday trading on Thursday.
Visteon ranks No. 66 on the Automotive News' 2022 list of the top 100 global suppliers with worldwide sales to automakers of $2.73 billion in 2021.(Source:Reuters)