VC - Visteon trades lower on lower net income; FY21 outlook stable

For Q4, Visteon ([[VC]] -12.1%) reported a 5% increase in Q4 net sales to $787M; sales performance represented a 7% growth over market compared to Visteon's top customers.During Q4, the company won $1.4B in new business taking the total to $4.6B in 2020; launched 11 new products in Q4 taking 2020 total to 55.Q4 gross margin stood at $89M (vs. $104M in year ago quarter) while net income and adj. EBITDA stood at $18M (vs. $35M in year ago quarter) and $75M (vs. $85M in year ago quarter).Net cash position stood at $151M at year end with no near-term debt maturities;The company continued its momentum in battery management systems with an additional global OEM win, and also expanded its digital content in the two-wheeler market with a new customer for its digital cockpit technology.FY21 Outlook: Sales seen in the range of $2.875 to $3.025B (+16% Y/Y driven by rebound in industry production volumes

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Visteon trades lower on lower net income; FY21 outlook stable