Automotive electronics manufacturer Visteon has reported double-digit sales growth
Software and electronics manufacturer Visteon Corporation (VC) has published a report for the fourth quarter of 2021. The company managed to increase revenue despite a reduction in car production – the primary target market of Visteon. Last quarter, Visteon’s revenue grew by 15% year-on-year to $786 million. Net income was $31 million, or $1.09 per diluted share.
The stock of cash and equivalents amounted to $102 million. Visteon’s revenue increased by 7% year-on-year to $2.77 billion for the entire year. Visteon managed to improve its financial performance, even though the leading automakers reduced the volume of cars (by 15% in the fourth quarter and by 2% for the whole year). Thus, Visteon can show better dynamics after the automotive industry returns to production growth.
Currently, Visteon is actively expanding its offer for manufacturers of electric vehicles and connected cars. Visteon has a set of solutions that includes multimedia systems with a touch interface, telematics, cyber protection tools for connected cars, intelligent interior elements such as cameras with face recognition, and other solutions. In addition, in January 2022, the company introduced a new smart battery management and diagnostics system for electric vehicles.
In total, Visteon launched 43 new products last year. In 2021, Visteon received several contracts, including a significant contract for the supply of electronics for cars of three premium brands, with the start of production in 2024. According to the results of 2022, Visteon expects revenue of $3.25 billion, which means a 17% increase in revenue. The firm forecast drove VC quotes growth by 12.71% to $118.79. The market capitalization was $2.77 billion.
