Nexteer Automotive Reports Fiscal 2015 Results
Technology leadership and operational efficiency drive increased earnings, global growth and customer diversification
SAGINAW, Michigan, March 15, 2016 /PRNewswire/ -- Nexteer Automotive, a global leader in intuitive motion control, today reported financial results for its fiscal year ended Dec. 31, 2015.
Laurent Bresson, president and global COO of Nexteer Automotive said, "By strengthening our technology leadership and streamlining operations, we continue to transform the company into a growing and profitable enterprise, with record earnings in 2015."
Fiscal 2015 Highlights:
- Revenue increased by approximately 12.8 percent to U.S. $3,360.5 million, up from U.S. $2,978.1 million in 2014
- Gross profit increased by approximately 29.7 percent to U.S. $544.9 million, up from U.S $420.0 million in 2014
- Profit attributable to equity holders of Nexteer increased by approximately 27.3 percent to U.S. $205.4 million, up from U.S. $161.4 million in 2014
- Maintained backlog of U.S. $11.0 billion following substantial program launches
Nexteer was total cash flow positive in 2015, generating U.S. $192 million. The company believes that future liquidity and capital expenditure requirements will be satisfied by cash generated from operating activities.
Operating Environment:
- Successful launch of new production programs
- Increased customer demand due to market strength
- Increased China exposure through new programs and favorable vehicle mix
- Continued improvement in operating efficiency and cost competitiveness
- Improved product mix
Nexteer advanced its financial position in 2015. Robust industry production and improved markets in North America, China, and Europe led to increased volume. The company also continued to successfully launch new products in China, North America and Rest of World to deliver continued top line revenue growth. Nexteer's strong top line growth through successful launches and focus on operational efficiency, coupled with a strong automotive market, continues to drive earnings accretion and cash flow improvement.
Guibin Zhao, chairman and CEO of Nexteer Automotive said, "I am proud of what we have accomplished in our journey to transform Nexteer into an agile, lean and independent global company. With a robust long term strategy and a strong balance sheet, Nexteer is poised for sustainable profitable growth."
ABOUT NEXTEER
Nexteer Automotive (HK:1316) – A Leader in Intuitive Motion Control – is a multi-billion dollar global steering and driveline business delivering driver-assist and autonomous driving technologies, electric and hydraulic steering systems, steering columns and driveline products for original equipment manufacturers. The company's global workforce of 12,000 serves more than 50 customers in every major region of the world. The company has 21 manufacturing plants, five regional engineering centers and eleven customer service centers strategically located in North and South America, Europe and Asia. Nexteer Automotive's customers include BMW, Fiat Chrysler, Ford, GM, PSA Peugeot Citroen, Toyota, and VW, as well as automakers in India and China. http://www.nexteer.com/
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