VC - Visteon Corporation higher after products launch drives Q1 earnings result

Visteon Corporation (NASDAQ:VC) stock gains after Q1 earnings beat with 11% rise in top-line driven to new product launches and favorable customer pricing. The company's sales performance represents 22% growth-over-market compared to the production volumes of its customers. The company launched 16 new products and won $950M in new business in the quarter. “I am proud of Visteon’s continued performance and our ability to deliver a strong sales quarter and improved earnings versus the prior year in a challenging environment,” said President and CEO Sachin Lawande. “Our continued growth-over-market is driven by our best-in-class product portfolio and this quarter represents our twelfth consecutive quarter of market outperformance.” FY2022 Outlook: Sales in the range of $3.150B – $3.350B vs. consensus of $3.16B, Adjusted EBITDA in the range of $295M – $335M and Adjusted Free Cash Flow in the range of $85M – $115M; Capex of ~$110M.

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Visteon Corporation higher after products launch drives Q1 earnings result