The following is a summary of the Visteon Corporation (VC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Visteon Corporation reported Q1 2024 sales of $933 million, driven by strong demand for digital clusters and cockpit domain controllers.

• The company experienced an adjusted EBITDA of $102 million, marking a 10.9% margin and a 70 basis point improvement year-over-year.

• A positive 2% growth-over-market was achieved quarterly through sales exceeding the overall market growth.

• Visteon Corporation strategically employed $20 million cash flow for financial hedging via share repurchases within the quarter.

• The company saw a $34 million adjusted free cash flow for the quarter, signifying a 33% conversion ratio.

Business Progress:

• Visteon launched 26 new products in Q1 2024 and secured business worth $1.4 billion across 14 OEMs.

• The company made significant progress into diversifying into the two-wheeler and commercial vehicle markets.

• A new manufacturing plant was inaugurated in Tunisia, marking a significant step in the company's expansion strategy.

• Future prospects include growth in sales and margin expansion, supported by strategic operational improvements and successful commercial execution.

• The company plans for substantial product launches in 2024 to bolster growth and diversification.

More details: Visteon IR

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