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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