VC - Visteon sees higher sales EBITDA in Q1 off new customer wins

2023-04-27 07:04:21 ET

Visteon Corporation ( NASDAQ: VC ) reported sales rose 22% in Q1 to $967M not including the negative currency impact of 4%.

Total industry vehicle production increased 6%, while vehicle production at Visteon’s top customers increased 9%. The company noted sales outperformed customer vehicle production volumes for the 16th consecutive quarter driven by the continued high demand for Visteon’s digital cockpit products. The company won $1.5B in new business during the quarter, including a follow-on win with a global OEM for a previously announced wireless battery management system program.

Adjusted EBITDA was $99M to represent 10.2% of sales. The increase in adjusted EBITDA reflected the favorable impact of higher sales volumes and timing of customer recoveries, partially offset by higher engineering and SG&A expenses supporting business growth, as well as an unfavorable foreign exchange impact.

On the balance sheet, cash used by operations was $19M and capital expenditures were $21M. Adjusted free cash flow was a use of cash of $37M. The company ended the quarter with a cash position of $487M and debt of $352M, representing a net cash position of $135M.

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