Visteon reported Q2 2024 sales of US$1,014m compared to $983m the prior year.
This was due to strong performance of digital cockpit and electrification products, partially offset by lower customer production, and lower customer recoveries resulting from improved semiconductor supply.
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Sales outperformed customer vehicle production volume by 9%.
Gross margin in the second quarter was $147m and net income $71m/$2.54 per share.
Adjusted EBITDA was a record $136m, up $46m.
The increase reflected higher volume, lower engineering and SG&A costs, and the non recurrence of a $15m recall charge in the prior year. Adjusted EBITDA margin was 13.4% of sales, an increase of 420 basis points.
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By GlobalDataVisteon products launched on 41 vehicle models, across 17 OEMs, in the first half of the year. A key second quarter launch included a digital cluster for the Toyota Camry in North America and Japan. There was also a centre information display for the Mazda MX-30 crossover and a digital cluster for the Porsche Macan.
The company won $3.1bn of new business in the first half of the year, including nearly $1.8bn of display wins.
“Visteon delivered robust sales in the second quarter, driven by strong demand for our powertrain agnostic digital cockpit products and ramp up of electrification products,” said president and CEO Sachin Lawande.
In light of the reduction of customer vehicle production in the second half and “ongoing market dynamics” in China, Visteon updated its full year 2024 guidance and anticipates sales in the range of $3.85–$3.95bn and adjusted EBITDA in the range of $455–$475m.
