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Mar 31, 2023
Visteon Q1 2023 Earnings Report
Visteon's Q1 2023 performance was driven by strong sales growth and new business wins.
Key Takeaways
Visteon reported a strong first quarter with sales up 22% year-over-year, driven by high demand for digital cockpit products. The company secured $1.5 billion in new business wins and maintained its full-year 2023 guidance.
Sales increased by 22% compared to the prior year, reaching $967 million.
Net income was reported at $34 million.
Adjusted EBITDA stood at $99 million, representing 10.2% of sales.
New business wins totaled $1.5 billion, highlighting success in electrification and digital cockpit technologies.
Visteon
Visteon
Forward Guidance
Visteon is maintaining its full-year 2023 guidance.
Positive Outlook
- Sales in the range of $3.95 – $4.15 billion
- Adjusted EBITDA in the range of $405 – $445 million
- Adjusted Free Cash Flow in the range of $115 – $165 million
- Continued strong performance driven by best-in-class product portfolio
- Focus on operational and commercial discipline
Challenges Ahead
- continued and future impacts of the coronavirus (COVID-19) pandemic on our financial condition and business operations including global supply chain disruptions, market downturns, reduced consumer demand and new government actions or restrictions
- continued and future impacts related to the conflict between Russia and the Ukraine including supply chain disruptions, reduction in customer demand, and the imposition of sanctions on Russia
- significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources
- failure of the Company’s joint venture partners to comply with contractual obligations or to exert influence or pressure in China
- conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest