Visteon (NASDAQ: VC) reported Q2 EPS of ($1.44), $0.68 better than the analyst estimate of ($2.12). Revenue for the quarter came in at $371 million versus the consensus estimate of $403.39 million.

• Net sales of $371 million; 48% reduction Y/Y excluding currency
• Industry production down 45% Y/Y; Visteon customers down 53% Y/Y
• Visteon sales outperformed customer production by five percentage points
• $1.7 billion in new business and 21 new product launches YTD
• Cash of $759 million; no significant near-term debt maturities

“Visteon took decisive actions in the second quarter to reduce its cost base in response to decreased automotive industry activity,” said President and CEO Sachin Lawande. “Despite the challenging environment, we launched 21 new products during the first half of the year, including all-digital clusters, a new Android-based infotainment system and large displays. We also won $1.7 billion in new business in the first half, which will position us for continued market outperformance in the future."

For earnings history and earnings-related data on Visteon (VC) click here.