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.
VAN BUREN TWP. — The auto supplier Visteon Corp. (NYSE: VC) reported fourth quarter net income of $2 million or 6 cents a share, down from $21 million or 52 cents a share a year earlier. Revenu ewas $816 million, up from $809 million a year earlier.
For the full year, net income was $75 million or $2.14 a share, down from $2.28 billion or $52.63 a share a year earlier. Revenue for the full year was $3.16 billion, down from $3.25 billion a year earlier.
Continue reading Visteon Profits Dip On Discontinued Operations
VAN BUREN TWP. — Visteon Corp. (NYSE: VC) announced the completion of its acquisition of AllGo Embedded Systems Pvt. Ltd., an India-based leading supplier of embedded multimedia and smartphone connectivity software.
The two companies announced plans for the transaction on Jan. 12.
Continue reading Visteon Completes Acquisition Of Indian Software Firm
VAN BUREN TWP. — Visteon Corp. (NYSE: VC), the automotive electronics manufacturer based in Wayne County’s Van Buren Township, reported net income of $19 million or 49 cents a share in the first quarter ended March 31, down from $50 million or $1.10 a share in the first quarter of 2015.
The company said the net income figure included a loss of $13 million from discontinued operations, and $15 million of restructuring costs. Adjusted net income, which excludes these costs, was $47 million, or $1.22 per diluted share.
Revenue was $802 million, down from $816 million a year earlier.
Continue reading Visteon Sales, Profits Decline
SOUTHFIELD — Lear Corp. (NYSE: LEA), the Southfield manufacturer of automotive seating and electric systems, posted net income of $235.3 million or $3.07 a share in the fourth quarter, down from $261.8 million or $3.24 a share in the same quarter a year earlier.
Revenue was $4.72 billion, up from $4.55 billion a year earlier.
The cut in fourth quarter net income stemmed from higher cost of sales, higher selling, general and administrative expenses, and a sharply higher tax rate.
For the full year, Lear reported net income of $745.5 million or $9.59 a share, up from $672.4 million or $8.23 in 2014. Revenue was $18.21 billion, up from $17.73 billion a year earlier.
Continue reading Lear Fourth Quarter Net Income Dips
SOUTHFIELD — The auto industry continues to move in a high-tech direction, as evidenced by the advanced vehicle technologies to be displayed by the auto suppliers Continental and Visteon next month at CES, formerly the International Consumer Electronics Show.
The world’s largest technology show will be held in Las Vegas Jan. 6-9.
Continue reading Continental, Visteon To Show Off Vehicle Tech At CES
SOUTHFIELD — The Southfield-based automotive seating and electrical parts supplier Lear Corp. (NYSE: LEA) reported net income of $261.6 million or $3.24 a share uin the fourth quarter, up sharply from $72.8 million or 88 cents a share in the fourth quarter of 2013. Revenue was $4.55 billion, up from $4.26 billion a year earlier.
For the full year, net income was $672.4 million or $8.23 a share, up from $431.4 million or $4.99 a share in 2013. Revenue was $17.73 billion, up from $16.23 billion in 2013.
Continue reading Lear Fourth Quarter Sales, Profits Jump
VAN BUREN TWP. — The auto supplier Visteon Corp. says it’s bringing the very latest in connected car technologies to the 2015 International CES, formerly the Consumer Electronics Show, in Las Vegas Jan. 6-9. And so is the Japanese supplier Denso, which has its North American regional headquarters in Southfield.
Visteon’s display will once again be located in the outdoor CES Central Plaza, a converted parking lot just west of the Las Vegas Convention Center’s Central Hall.
Continue reading Visteon, Denso To Show Off Connected Cars At CES