Visteon Announces 2021 Financial Results and 2022 Outlook

About this update from Visteon Corporation

[{"type":"text","content":"VAN BUREN TOWNSHIP, Mich., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today reported fourth quarter and full-year 2021 financial results that exceed its previous outlook. Highlights include: $786 million Q4 net sales; 15% growth-over-market1Net income of $31 million in Q4 or $1.09 per diluted shareAdjusted EBITDA of $92 million, 11.7% of sales in Q4Third electrification customer added in Q4 $102 million net cash position at year end Fourth Quarter Financial ResultsFor the three months ending December 31, 2021, Visteon reported net sales of $786 million, equal to prior year and representing 15% growth-over-market as Visteon’s top customers' vehicle production decreased 15% year over year. The sales performance was driven by the ramp up of recently launched products and favorable pricing. Gross margin in the fourth quarter was $99 million, and net income attributable to Visteon was $31 million. Adjusted EBITDA, a non-GAAP measure as defined below, was $92 million for the fourth quarter of 2021 or 11.7% of sales, a very strong performance despite the global semiconductor shortages. Adjusted EBITDA benefited from robust sales, favorable pricing, lower net engineering, and a one-time customer recovery. Full-Year Financial ResultsFor the year ending December 31, 2021, Visteon reported net sales of $2,773 million, a 7% increase compared to prior year when excluding the favorable impact of currency. Compared to Visteon's customer production, which decreased 2%, Visteon's sales outperformed its customer production by nine percentage points. Gross margin in 2021 was $254 million, and net income attributable to Visteon was $41 million. Adjusted EBITDA was $228 million in 2021 or 8.2% of sales, driven by higher sales, favorable pricing, lower net engineering, partially offset by higher costs related to the global semiconductor shortages. Cash from operations for the twelve months ended December 31, 2021 was $58 million and capital expenditures were $70 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, was $22 million for the full year. Adjusted free cash flow benefited from strong adjusted EBITDA and continued capital discipline, partially offset by an increase in inventory due to uneven customer production schedules. New Business Wins and Product Launch HighlightsThe company won $5.1 b...

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