In the second quarter, Vistien reported net sales of $848 million, representing year-over-year growth of 42%, excluding the impact of currency. It said the larger gains were driven by new product launches and positive pricing due to incremental cost recovery related to semiconductor shortages.
Overall industry output was flat while vehicle production among Visteon’s top customers grew 6% over the same period. The company’s sales performance represents 36% growth-over-market, the 13th consecutive quarter of market out-performance.
Gross margin in the second quarter was $74 million, and net income attributable to Visteon was $24 million or $0.85 per diluted share. Adjusted EBITDA, a non-GAAP measure as defined below, was $79 million or 9.3% of sales for the second quarter, an increase of $49 million over the prior year. The increase in adjusted EBITDA reflects the favorable impact of higher sales volume and increased net customer cost recovery of higher semiconductor costs.
Visteon said it launched 11 new products in the second quarter, bringing a total of 27 new launches in the first half. Key launches for the second quarter include a 12-inch all-digital cluster for the Ford Everest and Ranger and a curved multi-display module on the Maserati Greycelle, the all-new flagship crossover SUV for Maserati.
The company has launched a SmartCore cockpit domain controller with Geely on its new all-electric SUV under the Smart brand as well as a 10.25-inch infotainment system in the South American market and display on PSA’s Citroen C3 that supports Apple CarPlay and Android Auto. also launched.
Vistian said it won $3.1 billion in new business in the first half of the year, with more than 50% of its programs on electric vehicle variants. Second quarter wins include our latest generation SmartCore™ cockpit domain controller on an all-electric SUV platform for a European OEM, our first cockpit domain controller with this automaker. Vistian also won a 12-inch display for a luxury German OEM, our first center information display with this OEM.
Sachin Lavande, President and CEO of Vistian, said: “I am proud of Vistian’s double-digit growth-to-market performance in a supply environment constrained by the lockdown in Shanghai due to COVID-19. The Vistian team did exceptionally well to secure supplies and support our customers’ production in this challenging environment. Our digital products continue to perform well and we are pleased to report another strong quarter of new business with lifetime revenue of over $2 billion.”
Vistian maintains full-year 2022 guidance and anticipates sales in the range of $3.150 – $3.350 billion, adjusted EBITDA in the range of $295 – $335 million, and free adjusted EBITDA in the range of $85 – $115 million. cash flow.