Visteon has reported net sales of $933 million compared to $967 million in the first quarter of the prior year. The decline in net sales was primarily due to lower recoveries resulting from improved semiconductor supply in the first quarter of 2024 and 1% lower customer vehicle production.
The company states that its sales outperformed customer vehicle production volumes by 2%, driven by the ramp up of recent product launches and continued growth of its electrification products.
Digitisation of cockpit drives growth
The company won $1.4 billion in new business in the first quarter, continuing to position Visteon as a leader in the digitalization of the cockpit. First quarter wins included over $400 million of displays wins, including dual 12-inch displays for a European commercial vehicle OEM, a 10-inch cross-carline display for a European OEM, and an 8-inch ultra-thin OLED rear seat monitor for a German luxury OEM.
Additional wins in the first quarter of 2023 included a 12-inch digital cluster with a Japanese OEM, and a SmartCore program win with a domestic Chinese OEM for a premium brand. Meanwhile, Visteon continues to diversify and expand into adjacent markets with over $300 million of wins for the two-wheeler and commercial vehicle markets in the quarter.
Visteon’s products launched on 26 vehicle models across 14 OEMs in the first quarter. Key new launches included a digital cluster, a centre display, and audio infotainment on the Ford Puma for Europe, a digital cluster on the Honda e:NS2 electric vehicle for several Asian markets including China, and a SmartCore program on Scania commercial vehicles, providing another example of our success in the commercial vehicle market.
“Our first quarter results highlight our continued progress on addressing the megatrends of digitalization and electrification that are rapidly changing the automotive industry. I am very proud of our continued operational execution and launching a high number of new products across the globe to support our customers and deliver near-term growth,” said President and CEO Sachin Lawande. “We are also strengthening our future with another strong quarter of new business wins across our digital cockpit products while further diversifying into adjacent end markets.”
Visteon is maintaining its full-year 2024 guidance and anticipates sales in the range of $4.0 to $4.2 billion, adjusted EBITDA in the range of $470 to $500 million, and adjusted free cash flow in the range of $155 to $185 million.