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Nexteer Automotive H1 profit climbs 58.1% YOY

Nexteer Automotive Group Ltd. said its normalized net income for the first half came to 5 cents per share, a gain of 58.0% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $129.6 million, a gain of 58.1% from $82.0 million in the year-earlier period.

Total revenue climbed 17.1% year over year to $1.92 billion from $1.64 billion, and total operating expenses grew 14.7% from the prior-year period to $1.70 billion from $1.49 billion.

Reported net income grew 50.1% year over year to $150.0 million, or 6 cents per share, from $100.0 million, or 4 cents per share.