DETROIT -- Automotive supplier Visteon Corp. said its third-quarter net income rose by 54 percent to $43 million, citing improved gross margins for its electronics components.
Revenue declined 0.6 percent to $765 million. The modest drop reflects discontinued operations, the company said in a statement. However, higher production volumes and new product launches partially offset the decline resulting from the exit of those operations.
Visteon also saw a $13 million swing in "other" expenses, the company's said.
The Michigan supplier's electronics arm benefited from new product launches, including its first Phoenix infotainment contract. Visteon unveiled the automotive infotainment platform at the CES technology expo in January.
"New business wins remained strong," Visteon CEO Sachin Lawande said in a statement. "Overall, we grew our audio/infotainment wins by over 150 percent year-to-date compared with the prior year. Based on our overall new business wins, we are on track to meet our long-term growth targets."
The company garnered $4.6 billion in new business contracts, pushing the over backlog for 2017 to $18 billion, compared with $16.5 billion at the end of 2016.
Visteon ranks No. 67 on the Automotive News list of top 100 global suppliers, with $3.16 billion in sales to automakers in 2016.