VAN BUREN TWP. — Auto electronics supplier Visteon Corp. (NYSE: VC) reported net income of $45 million or $1.41 a share in the second quarter, up from $26 million or 76 cents a share a year earlier. Revenue was $774 million, virtually flat compared to last year’s $773 million. Continue reading Visteon Net Rises
NOVI — Stoneridge Inc. (NYSE: SRI), the manufacturer of automotive electrical and electronic components, reported higher revenue and net income for the first quarter of the year.
Net income was $9.2 million or 32 cents a share, up 27.8 percent from $7.2 million or 26 cents a share a year earlier. Revenue was $204.3 million, up 25.6 percent from $162.6 million a year earlier.
NORTHVILLE — Gentherm Inc. (Nasdaq: THRM), the developer of thermal management technologies, reported rising sales and net income in the first quarter.
Revenue was $249.3 million, up from $215.7 million a year earlier. Net income was $25.4 million or 69 cents a share, up from $11.9 million or 33 cents a share a year earlier.
ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based automotive and electronics manufacturer, reported net income of $97.6 million or 33 cents a share in the first quarter ended March 31, up from $80.3 million or 28 cents a share in the same quarter a year earlier.
Revenue was $453.5 million, up from $405.6 million a year earlier.
NOVI — Stoneridge Inc., the Novi-based manufacturer of electronics for the automotive and other transportation markets, reported net income of $48.4 million or $1.70 a share in the fourth quarter, up from $6.1 million or 22 cents a share in the same quarter of 2015.
Revenue was $172.6 million, up from $154.6 million a year earlier.
For the full year, net income was $77.5 million or $2.74 a share, up from $22.8 million or 82 cents a share a year earlier. Revenue was $696 million, up from $644.8 million a year earlier.
The company also issued an “adjusted earnings” figure removing the benefits of deferred tax assets in 2016. Without that benefit, net income for the fourth quarter was $9.6 million or 34 cents a share for the fourth quarter of 2016, and $40.2 million or $1.42 a share for the full year.
The company said it expected 2017 sales of between $705 milion and $730 million, and earnings before interest, taxes, depreciation and amortization of 10 to 11.5 percent of sales. The earnings per share guidance for 2017 was $1 to $1.15 a share.
For more information, including a replay of a conference call discussing the results, visit http://www.stoneridge.com.
Stoneridge was founded in 1965 in Warren, Ohio as a contract manufacturer for the auto industry. It went public in 1997 and moved its headquarters to Novi in 2016.
CLINTON TWP. — Tweddle Group has introduced a new automotive wiring diagnostic system, Tracer.
The company says today’s automotive wiring diagrams are incredibly complex. Consequently, automakers and dealerships lose significant revenue to the investigation of Diagnostic Trouble Codes. These issues also create costly repairs during end-of-line testing, when vehicles must be taken offline just before shipping and held in repair areas within the manufacturing plant. Current testing systems can spot an issue with a vehicle, but can’t isolate root cause and can’t help the technician find the issue in a visual, specific area of the vehicle. Vehicles are often unnecessarily dismantled. Days may be wasted and cumulative repair costs can be massive.