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Nexteer Automotive H2 profit climbs 45.1% YOY

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Nexteer Automotive H2 profit climbs 45.1% YOY

Nexteer Automotive Group Ltd. said its second-half normalized net income was 4 cents per share, a gain of 44.8% from 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $92.0 million, an increase of 45.1% from $63.4 million in the year-earlier period.

Total revenue rose 11.3% year over year to $1.72 billion from $1.54 billion, and total operating expenses rose 8.5% on an annual basis to $1.55 billion from $1.42 billion.

Reported net income grew 33.5% year over year to $100.1 million, or 4 cents per share, from $74.9 million, or 3 cents per share.

For the year, the company's normalized net income totaled 7 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8 cents.

EPS rose 30.9% from 5 cents in the prior year.

Normalized net income was $173.9 million, an increase of 31.1% from $132.7 million in the prior year.

Full-year total revenue rose 12.8% year over year to $3.36 billion from $2.98 billion, and total operating expenses grew 10.8% on an annual basis to $3.03 billion from $2.74 billion.

The company said reported net income grew 33.5% year over year to $200.0 million, or 8 cents per share, in the full year, from $149.9 million, or 6 cents per share.