Visteon Announces Second Quarter 2023 Results

About this update from Visteon Corporation

[{"type":"text","content":"VAN BUREN TOWNSHIP, Mich., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today reported second quarter financial results. Highlights include: Sales of $983 million, up 18%1 from prior year17th consecutive quarter of growth-over-market 2Net income of $20 million, Adjusted net income of $34 millionAdjusted EBITDA of $90 million, including $15 million exceptional recall chargeReiterating full year 2023 guidance$4 billion in new business wins in first halfFirst new business win in power electronics for electric vehicles211,779 shares repurchased for a total of $30 million Second Quarter Financial Results Visteon reported net sales of $983 million representing a year-over-year increase of 18%, excluding the impact of currency. Sales growth compared to the prior year was driven by higher customer vehicle production and the ongoing ramp of our recent product launches, partially offset by lower semiconductor open market purchases and the associated recoveries as supply constraints continued to ease. Total industry production was up 16% from the prior year, while vehicle production at Visteon’s top customers increased 12% over the same period. The company's sales performance represents 15%2 growth-over-market, the 17th consecutive quarter of market out-performance. Gross margin in the second quarter was $104 million, and net income attributable to Visteon was $20 million or $0.70 per diluted share. Adjusted net income, a non-GAAP measure defined below, was $34 million or $1.18 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was $90 million in the second quarter or 9.2% of sales. The increase of $11 million in Adjusted EBITDA compared to the prior year reflects the favorable impact of higher volumes partially offset by an exceptional charge of $15 million related to a product recall with one of our customers. For the first six months, cash provided by operations was $42 million, capital expenditures were $51 million and adjusted free cash flow, a non-GAAP measure defined below, for the first six months of 2023 was a use of cash of $5 million. The company ended the second quarter with cash of $459 million and debt of $348 million. Visteon's products launched on 35 vehicle models in the second quarter. Key second quarter launches included a new SmartCore™ cockpit domain controller program for Harle...

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