Nexteer Automotive Reports Strong First Half 2018 Financial Results

Nexteer announced record financial performance for the first half of 2018 with Revenue increasing by 3.7% and Net Profit increasing by 11.1% when compared with the same period of 2017. Strong free cash flow in the period and a rising Backlog of Booked Business continue to well position the company for future growth. 

AUBURN HILLS, Michigan, Aug. 14, 2018 /PRNewswire/ -- Nexteer Automotive, today reported financial results for the six-month period ended June 30, 2018, with revenue reaching US$2.047 billion, an increase of 3.7% when compared with the same period of 2017, and net profit of US$200 million, an increase of 11.1% when compared with the same period of 2017. The company generated free cash flow of US$183 million during the first half of 2018, reflecting a continued focus on operational efficiency and capital investment discipline. Nexteer's Backlog of Booked Business increased to US$24.9 billion at the end of June 2018, a 4.2% gain when compared with year-end 2017. 

The strong financial results highlight Nexteer's ongoing execution and focus on delivering long-term profitable growth. In the first half of 2018, the company successfully launched eight major customer programs and continued global footprint expansion in support of both current and future customer growth. In the first half of 2018, Nexteer announced a new production facility groundbreaking in Morocco, extending the company's geographic reach to cost effectively support customer vehicle production launches in both Europe and Africa. Nexteer also announced a new driveline production facility in Queretaro, Mexico – marking the third production facility in this location.

In addition to expanding its operational footprint, Nexteer continued to deepen research and development in advanced safety and performance – particularly in ADAS and automated driving. This investment enables product technologies such as Steer by Wire, Steering on Demand™ System, Quiet Wheel™ Steering, Stowable Column, High Availability Electric Power Steering and other innovations.  At the end of June 30, 2018, the company had 12 advanced technology contracts with key OEM customers to jointly develop ADAS Level 3 – 5 capabilities in high availability lateral directional control.