Nexteer Reports Full Year 2020 Financial Results : vimarsana

Nexteer Reports Full Year 2020 Financial Results


Nexteer Reports Full Year 2020 Financial Results
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AUBURN HILLS, Mich., March 17, 2021 /PRNewswire/ -- Nexteer Automotive today reported annual results for its fiscal year ended December 31, 2020. The Company's 2020 financial results were significantly impacted by lower OEM vehicle production and temporary operations shutdowns across all regions in the first half of the year as a result of the COVID-19 pandemic. Throughout 2020, Nexteer successfully navigated through an unprecedented and challenging environment and capitalized on recovering OEM demand in the second half of 2020.
Full Year 2020 Financial Results; Strong Performance in Second Half 2020
Nexteer reported 2020 revenue of US$3.032 billion which was lower by 15.2% when compared with 2019, while outperforming the market by 1%. Revenue in the second half of 2020 of $1.821 billion increased by 4.5% when compared with the same period last year, and 50.4% when compared with the first half of 2020. Revenue growth in the second half of 2020 outperformed the market by 4% when compared with same period in 2019 and 6% when compared with the first half of 2020.

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