VC - Visteon Corporation (VC) Q1 2024 Earnings Call Transcript
2024-04-27 10:31:08 ET
Visteon Corporation (VC)
Q1 2024 Earnings Call Transcript
April 25, 2024 09:00 AM ET
Company Participants
Ryan Wentling - VP, IR & Treasurer
Sachin Lawande - President & CEO
Jerome Rouquet - SVP & CFO
Conference Call Participants
Dan Levy - Barclays
Joe Spak - UBS
Luke Junk - Baird
James Picariello - BNP
Itay Michaeli - Citi Research
Shreyas Patil - Wolfe Research
Mark Delaney - Goldman Sachs
Presentation
Ryan Wentling
Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to our Earnings Call for the First Quarter of 2024. Please note this call is being recorded, and all lines have been placed on listen-only mode to prevent background noise.
Before we begin this morning's call, I'd like to remind you this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various factors, risks, and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Please refer to the page entitled Forward-Looking Information for additional details. Presentation materials for today's call were posted on the Investors section of Visteon's website this morning. Please visit investors.visteon.com to download the material if you have not already done so.
Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We have scheduled the call for one hour, and we'll open the lines for your questions after Sachin's and Jerome's remarks. Please limit your questions to one question and one follow up. Thank you for joining us.
Now I will turn the call over to Sachin.
Sachin Lawande
Thank you, Ryan, and good morning, everyone. Thank you for joining our first quarter 2024 earnings call. I would like to start with a summary of our first quarter performance as outlined on Page 2. The team delivered another quarter of strong execution in a mixed customer vehicle production environment. Sales were $933 million, driven by strong demand for digital clusters and cockpit domain controllers. Both of these key digital cockpit products grew 20% year over year.
We also saw strong demand for our BMS product, with sales more than doubling compared to prior year. As a result of the strong product performances, our growth-over-market inflected in the first quarter, returning to a positive at 2% after a negative performance in Q4 of last year. As anticipated, the impact of the timing of roll-offs and roll-ons that we discussed in the Q4 2023 earnings call also impacted Q1 sales, although to a lesser extent than last quarter....
Visteon Corporation (VC) Q1 2024 Earnings Call Transcript