Visteon Announces 2022 Financial Results and 2023 Outlook

About this update from Visteon Corporation

[{"type":"text","content":"VAN BUREN TOWNSHIP, Mich., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today reported fourth quarter and full-year 2022 financial results that exceed its previous outlook. Highlights include: $1,064 million Q4 net sales; up 35% from prior yearNet income of $34 million in Q4 or $1.18 per diluted shareAdjusted EBITDA of $103 million, 9.7% of sales in Q445 new products launched for the year$6 billion in new business wins in 2022 $174 million net cash position at year-end Fourth Quarter Financial ResultsFor the three months ending December 31, 2022, Visteon reported net sales of $1,064 million, representing a year-over-year growth of 35%, or 43% when excluding the impact of currency, from the prior year. Sales performance was driven by the ramp up of recently launched products, favorable pricing, and customer vehicle production growth. Market out-performance in the quarter represents the 15th consecutive quarter of growth-over-market relative to customer weighted vehicle production. Gross margin in the fourth quarter was $114 million, and net income attributable to Visteon was $34 million. Adjusted EBITDA, a non-GAAP measure as defined below, was $103 million for the fourth quarter of 2022 or 9.7% of sales, representing a very strong performance despite global semiconductor shortages impacting production throughout the quarter. Adjusted EBITDA benefited from robust sales and the ongoing benefits of cost and commercial discipline. Full-Year Financial ResultsFor the year ending December 31, 2022, Visteon reported net sales of $3,756 million, representing year-over-year growth of 35%, or 40% when excluding the impact of currency. Gross margin in 2022 was $368 million, and net income attributable to Visteon was $124 million. Adjusted EBITDA was $348 million in 2022 or 9.3% of sales, driven by higher sales while leveraging a lean cost base with modest increases in engineering and other fixed costs. Positive pricing mostly offset the incremental costs caused by the ongoing global semiconductor shortages and other supply chain challenges. Cash provided by operations for the 12 months ending December 31, 2022 was $167 million and cash used for capital expenditures was $81 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, was $101 million for the full year. Adjusted free cash flow benefit...

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