Nexteer Automotive Reports Strong 1st Half 2017 Results

Nexteer Automotive Reports Strong 1st Half 2017 Results

Nexteer announced robust financial performance for the first half of 2017 with revenue increasing by 2.6 percent.

Nexteer Automotive, a global leader in intuitive motion control, has reported financial results for the six-month period ended June 30, 2017. Revenue reached $1.974 billion, an increase of 2.6 percent over the same period in 2016; gross profit reached $371.5 million, an increase of 11.1 percent over the same period in 2016; and net profit reached $179.7 million, an increase of 20.7 percent over the same period in 2016. The company’s backlog of booked business was $24 billion as of June 30, 2017.

Nexteer says the strong financial results highlight the company’s continued focus on delivering long-term profitable growth. In the first half of 2017, the company launched 15 new product applications across multiple regions and customers, including four in North America, nine in Asia-Pacific and two in Europe and South America. These new programs include two major product lines: electric power steering and driveline.

In the first half of 2017, the company made two significant announcements related to ADAS and automated driving with the introduction of new product offerings leveraging its steer-by-wire technology, Nexteer Steering on Demand System and Nexteer Quiet Wheel Steering. Nexteer also announced its intent to form a joint arrangement with Continental Automotive Systems Inc. focused on the advancement of motion control systems and actuator components for automated driving. Separately, the company also formed a joint venture with Dongfeng Motor Parts and Components Group Co. Ltd. in China for expanded business opportunities in the Asia-Pacific region.

Michael Richardson, board executive director and president of Nexteer Automotive, said, “Through careful expansion of our global footprint, strategic alliances, product diversity and program launches in our major product areas, Nexteer is on track to maintain long-term profitable growth.”

Continued steady industry production and new product launches in North America, China and Europe led to increased volume and delivered continued revenue growth. Net profit increased 20.7 percent as a result of successful launch of new programs, improved product line mix, improved operating efficiency and cost competitiveness.

Guibin Zhao, chairman and CEO of Nexteer Automotive, added, “The company’s interim results provide tangible evidence that our global team’s commitment to improving operational efficiency and bolstering Nexteer’s position as ‘A Leader in Intuitive Motion Control.’ Through unceasing innovation and exploring emerging product opportunities, we will continue to refine our business model and secure competitive market advantages.”

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