Visteon Corporation (NASDAQ:VC) reported weaker-than-expected earnings for its first quarter on Thursday.
Visteon posted adjusted earnings of $1.61 per share, missing market expectations of $1.68 per share. The company's quarterly sales came in at $933.000 million missing estimates of $977.869 million, according to data from Benzinga Pro.
"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 maintained its full-year 2024 guidance, seeing sales of $4.0 billion to $4.2 billion.
Visteon shares fell 1.3% to close at $109.66 on Thursday.
These analysts made changes to their price targets on Visteon following earnings announcement.
- Wells Fargo increased the price target on Visteon from $106 to $108. Wells Fargo analyst Colin Langan upgraded the stock from Underweight to Equal-Weight.
- Baird cut the price target on Visteon from $140 to $137. Baird analyst Luke Junk maintained an Outperform rating.
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