Visteon Announces Second Quarter 2024 Results

About this update from Visteon Corporation

[{"type":"text","content":"VAN BUREN TOWNSHIP, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today reported second quarter financial results. Highlights include: Sales of $1,014 million with Growth-over-Market of 9%1Net income of $71 millionRecord Adjusted EBITDA of $136 millionLaunched 41 new products across 17 OEMs in the first halfWon $3.1 billion in new business in the first halfNet cash of $181 million at quarter end Visteon reported net sales of $1,014 million compared to $983 million in the second quarter of the prior year. The increase in net sales was primarily due to strong performance of digital cockpit and electrification products, partially offset by lower customer production, and lower customer recoveries resulting from improved semiconductor supply. Visteon’s sales outperformed customer vehicle production volumes by 9%. Gross margin in the second quarter was $147 million, and net income attributable to Visteon was $71 million or $2.54 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was a record $136 million in the second quarter, an increase of $46 million compared to the prior year. The increase in adjusted EBITDA reflects the favorable impact of higher volumes and strong operational performance, lower engineering and SG&A costs, and the non-recurrence of a $15 million recall charge in the prior year. Adjusted EBITDA margin was 13.4% of sales, an increase of 420 basis points compared to the prior year. For the first six months, cash from operations was $126 million, capital expenditures were $68 million and adjusted free cash flow, a non-GAAP measure defined below, was $62 million. The company ended the second quarter with cash of $508 million and debt of $327 million. Our strong balance sheet, with a net cash position of $181 million, will allow us to balance organic investments, selective M&A, and capital returns to shareholders. Visteon's products launched on 41 vehicle models, diversified across 17 different OEMs, in the first half of the year. A key second quarter launch included a digital cluster for the Toyota Camry in the North American and Japanese markets. We also launched a center information display for the Mazda MX-30 crossover and a digital cluster for the Porsche Macan SUV. Our momentum in Rest of Asia continues, with launches across various Asian customers in key markets in ...

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