Visteon Q4 earnings, net income soar amid tax credit

Visteon Corp.'s net income soared in the fourth quarter amid a $313 million U.S noncash tax benefit and a rise in new business ventures.

The supplier said Tuesday it generated $366 million in Q4 net income. Excluding the impact of the tax benefit, profits rose over 50 percent from the same period last year.

Sales dipped 7 percent to $990 million, which the company said was primarily driven by "lower recoveries resulting from improved semiconductor supply in 2023."

he numbers come amid a rise in new products and business as the company capitalizes on the industry's trend toward digitalization and electrification, Visteon said. The cockpit electronics supplier reported a 20 percent rise from last year in new business, coming in at $7.2 billion across all its core product lines in 2023, according to the report.

Visteon also launched 129 products — a nearly 200 percent jump from 45 last year.

"Our impressive $7.2 billion of new business wins and high number of new product launches in 2023 lay the foundation for continued growth in 2024 and years to come," Visteon CEO Sachin Lawande said in the statement.

Visteon Corp. ranks No. 62 on Automotive News' 2023 list of the top 100 global suppliers with worldwide sales to automakers of $3.8 billion in 2022.

Visteon's shares slipped 1.28 percent to $117.54 a share when the market closed Tuesday.