Visteon Q2 2024 – Net Sales Up 3% to $1.01B

By Bobby Samwell • Thursday, July 25 15:26 • Permanent Link

Visteon Corporation (NASDAQ: VC) released its second quarter 2024 financial results, highlighting a 3% increase in net sales to $1,014 million compared to $983 million in the same period of the prior year. The growth-over-market was reported at 9%, with a net income of $71 million. The company achieved a record adjusted EBITDA of $136 million, marking a substantial increase of $46 million compared to the prior year. The adjusted EBITDA margin was 13.4% of sales, up by 420 basis points compared to the prior year.

Furthermore, Visteon reported cash from operations of $126 million for the first six months, capital expenditures of $68 million, and adjusted free cash flow of $62 million. The company ended the second quarter with a net cash position of $181 million, with cash of $508 million and debt of $327 million.

In terms of product launches, Visteon introduced 41 new products across 17 OEMs in the first half of the year, with notable launches such as a digital cluster for the Toyota Camry in North American and Japanese markets, a center information display for the Mazda MX-30 crossover, and a digital cluster for the Porsche Macan SUV. The company also secured $3.1 billion in new business in the first half of the year, including nearly $1.8 billion of display wins. This included significant wins with rest of Asia OEMs, totaling over $1.8 billion.

Visteon's President and CEO, Sachin Lawande, commented on the company's performance, attributing the robust sales to strong demand for digital cockpit and electrification products. He emphasized the company's focus on operational and commercial discipline, which contributed to improved margins.

Looking ahead, Visteon updated its full-year 2024 guidance, anticipating sales in the range of $3.85 billion to $3.95 billion, adjusted EBITDA in the range of $455 million to $475 million, and maintaining adjusted free cash flow in the range of $155 million to $185 million.

Visteon Corporation, headquartered in Van Buren Township, Michigan, operates in 17 countries worldwide and is focused on advancing mobility through innovative technology solutions that enable a software-defined and electric future. Following these announcements, the company's shares moved 6.5%, and are now trading at a price of $113.3. Check out the company's full 8-K submission here.

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