Visteon booked first quarter 2024 sales of US$933m compared to $967m in Q1 2023. The decline was due primarily to lower recoveries resulting from improved semiconductor supply in the first quarter of 2024 and 1% lower customer vehicle production.
The supplier claimed sales outperformed customer vehicle production volume by 2%, driven by the ramp up of recent product launches and continued growth of electrification products.
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Gross margin was $119m and net income $42 million, or $1.50 per share. Adjusted EBITDA was $102m, an increase of $3m reflecting favorable impact of strong operational performance and ongoing cost and commercial discipline, partially offset by the timing of engineering recoveries and an unfavourable foreign exchange impact. Adjusted EBITDA margin was 10.9% of sales, an increase of 70 basis points.
The company said it won $1.4bn in new business in the first quarter and its products launched on 26 vehicle models across 14 OEMs.
The supplier is maintaining its full year 2024 guidance and anticipates sales in the range of $4 to $4.2bn and adjusted EBITDA in the range of $470 to $500m.
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