Visteon Q1 2023 sales rise 22% to $967 million, wins $1.5 billion in new business
Visteon Corporation has reported net sales of $967 million in the first quarter of CY2023, representing a year-on-year increase of 22%. While total industry vehicle production increased 6%, vehicle production at Visteon’s top customers increased 9%. Visteon’s sales outperformed customer vehicle production volumes for the 16th consecutive quarter driven by the continued high demand for Visteon’s digital cockpit products.
Visteon Corporation has reported net sales of $967 million in the first quarter of CY2023, representing a year-on-year increase of 22%. While total industry vehicle production increased 6%, vehicle production at Visteon’s top customers increased 9%. Visteon’s sales outperformed customer vehicle production volumes for the 16th consecutive quarter driven by the continued high demand for Visteon’s digital cockpit products.
The company won $1.5 billion in new business in the first quarter, demonstrating its ongoing success in electrification and continued leadership in digital cockpit technologies. First quarter wins included a follow-on win with a global OEM for a previously announced wireless battery management system program. This follow-on win adds incremental electric vehicle models to the program, including electric versions of the OEM’s flagship truck and full-size SUV. Additional wins in the quarter included an infotainment and display system for an Indian OEM as well as a follow-on SmartCore program win with a Chinese OEM for their luxury electric brand.
Visteon’s products launched on 34 vehicle models in the first quarter of the year which will directly contribute to the company’s near-term sales growth. Key new launches include a 12.3-inch digital cluster on General Motors’ Silverado and Sierra Heavy Duty trucks, a SmartCore program on Geely’s Zeekr X crossover CUV, and a digital cluster and audio system on the Ford Ranger for South America.
The company ended the first quarter with cash of $487 million and debt of $352 million, representing a net cash position of $135 million.
“I am proud of Visteon’s performance to start the year,” said President and CEO Sachin Lawande. “Our continued strong performance is driven by our best-in-class product portfolio and focus on operational and commercial discipline.”
Visteon is maintaining its full-year 2023 guidance and anticipates sales in the range of $3.95 – $4.15 billion, adjusted EBITDA in the range of $405 million to $445 million, and adjusted free cash flow in the range of $115 million to $165 million.
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