Visteon Announces Second-Quarter 2022 Results

About this update from Visteon Corporation

[{"type":"text","content":"VAN BUREN TOWNSHIP, Mich., July 28, 2022 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today reported second quarter financial results. Highlights include: Sales of $848 million, up 42%1 from prior year13th consecutive quarter of growth-over-market 2Net income of $24 millionAdjusted EBITDA of $79 million or 9.3% of sales27 new products launched in first half$3.1 billion in new business wins in first halfRefinanced credit agreement and extended debt maturity to 2027 Second Quarter Financial ResultsVisteon reported net sales of $848 million representing a year-over-year increase of 42%, excluding the impact of currency, driven by new product launches and positive pricing due to incremental costs recoveries related to semiconductor shortages. Total industry production was flat while vehicle production at Visteon’s top customers increased 6% in the same period. The company's sales performance represents 36%2 growth-over-market, the 13th consecutive quarter of market out-performance. Gross margin in the second quarter was $74 million, and net income attributable to Visteon was $24 million or $0.85 per diluted share. Adjusted EBITDA, a non-GAAP measure as defined below, was $79 million for the second quarter or 9.3% of sales, an increase of $49 million compared to the prior year. The increase in adjusted EBITDA reflects the favorable impact of higher sales volumes and increased customer cost recoveries net of higher semiconductor costs. For the first six months, cash used by operations was $72 million and capital expenditures were $36 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, for the first six months of 2022 was a use of cash of $99 million primarily driven by an outflow in working capital related to the timing of customer recoveries and higher inventory levels due to uneven supply of semiconductors. The company ended the second quarter with cash of $325 million and debt of $349 million. New Business Wins and Product Launch HighlightsVisteon launched 11 new products in the second quarter bringing the first half total to 27 new launches. Key second quarter launches include a 12-inch all-digital cluster for the Ford Everest and Ranger and a curved multi-display module on the Maserati Grecale, the all-new flagship crossover SUV for Maserati. The company also launched a SmartCore™ cockpit doma...

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