Visteon Corporation second quarter adjusted EBITDA was US$46m compared with $81m a year ago.
Adjusted EBITDA margin was 6.3%.
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Net income was $7m or $0.25 per share compared with $35m ($1.17).
Second-quarter 2019 sales were $733m, compared with $758m due primarily to unfavourable vehicle production volumes, customer pricing and unfavourable currency, partially offset by new business and the consolidation of a previously non-consolidated affiliate.
Gross margin was $70m compared with $104m.
“Despite the challenging vehicle production environment, our second quarter sales outperformed the industry, particularly in China,” said Visteon president and CEO Sachin Lawande.
Europe accounted for 31% of sales, the Americas 27%, China domestic 16%, China export 8% and Asia-Pacific 18%.
Outlook
Visteon updated its full year 2019 guidance with sales in the range of $2.9bn to $3n, adjusted EBITDA in the range of $230m to $250m, and adjusted free cash flow in the range of $30m to $50m.
