Cockpit electronics supplier Visteon Corp. said Thursday it was able to post a near break-even first quarter with the COVID-19 pandemic looming for much of the period.
First-quarter earnings before interest, taxes and other adjustments dropped nearly 20 percent to $33 million. The company posted a net loss of $35 million compared with a $14 million gain for the same quarter last year.
Revenue fell 13 percent to $643 million.
“The decrease of $94 million is primarily due to the impacts of COVID-19,” Visteon said in its Thursday statement.
“Despite the challenging market environment due to COVID-19, Visteon sales outperformed the market, driven by launches of our core products,” Visteon CEO Sachin Lawande said in the statement. “The proactive cost-reduction actions we implemented, combined with our strong balance sheet and a significant cash position, will enable us to weather the crisis and emerge as a strong, more competitive company.”
Visteon launched 13 products in the first…