Nexteer’s 2016 net profit up 44% y/y to USD295 million
Company had business backlog of USD24 billion at the end of financial year
Nexteer Automotive has reported 43.5% year-over-year (y/y) increase in net profit to USD294.7 million for the financial year ended 31 December 2016, the US-based steering system supplier said in a press release on 14 March. The company’s operating profit increased 32.7% y/y to USD415.5 million. Nexteer attributed strong growth in net and operating profit to 14.3% y/y growth in revenue to USD3.8 billion.
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