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April 28, 2016updated 09 Apr 2021 9:48am

Visteon records Q1 net income of US$19m

Visteon has posted first-quarter results, reporting net income of US$19m and sales of US$802m, while adjusted EBITDA was US$89m compared with US$78m in the same period last year.

Visteon has posted first-quarter results, reporting net income of US$19m and sales of US$802m, while adjusted EBITDA was US$89m compared with US$78m in the same period last year.

Adjusted net income was US$47m for the first quarter, or US$1.22 per diluted share.

“Our strong financial results reflect the increasing desire of vehicle manufacturers to include our cockpit electronics technology in their vehicles, as well as solid cost performance across our global operations,” said Visteon president and CEO, Sachin Lawande.

“We made progress aligning our engineering organisation with our customers’ needs regionally and globally, while bringing more strategic focus to our research and development investment.

“We continue to leverage our position as the only Tier 1 automotive supplier exclusively focused on the rapidly growing automotive cockpit electronics segment.”

Cash used by operating activities in the first quarter, including discontinued operations, totalled $58m.

Adjusted free cash flow was a use of $28 million for the first quarter.

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