Visteon Corporation, an auto parts manufacturer reported a 33% increase in quarterly overall revenue, which was helped by the company’s purchase of Johnson Controls Incorporated’s electronics business.
Overall revenue for Visteon’s electronics business, that manufactures vehicle displays and audio systems, doubled up to $760M during the year’s third quarter that ended last September 30.
Visteon Corporation completed the automotive electronics acquisition of business of Johnson Controls last July.
Timothy Leuliette, Chief Executive of Visteon, stated that the company is expecting record incremental wins because of the company’s new business wins and also re-wins amounting to $2.4B up to $2.8B for 2014.
Visteon clients like BMW, Daimler AG, Ford Motor Corporation, and also General Motors Corporation are clients that also significantly gained from the 3% increase worldwide vehicle overall production during the 3 months that would end by September.
Similar auto parts manufacturers like Lear Corp and also Magna International Incorporated also reported better quarterly profit because of the overall increase in production of vehicles.
The company’s overall revenue when it comes to its climate control business that basically makes cooling and heating systems for various vehicles, increased to a total of $1.21B from last year’s $1.13B.
Visteon Corporation’s overall revenue increased to $1.97B from previous statistics of $1.48B.