Visteon has posted first-quarter net sales of US$746m, representing a year-over-year increase of 14% excluding the impact of currency.
The supplier’s sales performance represented a 14% growth-over-market compared to the production volumes of its customers.
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Gross margin in the first quarter was US$73m and net income attributable to Visteon was US$16m or US$0.56 per diluted share. Adjusted EBITDA was US$64m for the first quarter or 8.6% of sales, an increase of US$31m or 350 basis points compared to the prior year.
Adjusted EBITDA margin benefited from higher volumes as well as cost improvements initiated throughout 2020, partially offset by incremental supply chain costs, which impacted margins by around 190 basis points.
“Following our strong performance in the second half of 2020, Visteon continued to execute its growth strategy in the first quarter of 2021,” said Visteon president and CEO, Sachin Lawande.
“The US$1.8bn of new business booked in the first quarter shows the strength of our core products and their alignment with the key industry trends of digitalisation and electrification.”
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By GlobalData
