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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 w