Supplier Visteon reported Q4 2023 sales of US$990m compared to $1,064m in the fourth quarter of 2022.

The decline was due mainly to lower recoveries resulting from improved semiconductor supply in 2023.

Net income was $366m or $12.98 per share. Net income included a non-cash tax benefit of $313m related to a reduction in the valuation allowance against US deferred tax assets that contributed $11.10 to diluted earnings per share.

Adjusted EBITDA was $117m, up $14m year on year.

For the full year, Visteon reported a 5% rise in sales to $3,954m due to the ongoing ramp up of production of recent product launches and higher customer vehicle production.

Net income was $486m or $17.05 per share. Adjusted EBITDA was a record $434m, up $86m year on year.

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Full year 2024 guidance expects sales in the range of $4bn to $4.2bn and adjusted EBITDA of $470m to $500m.