- Visteon Corp VC reported second-quarter FY22 sales growth of 42% year-on-year, to $848 million, beating the consensus of $719.49 million.
- The company attributed the revenue growth to new product launches and positive pricing reflecting incremental costs recoveries related to semiconductor shortages.
- The gross margin for the quarter expanded 300 basis points to 8.7%.
- The company held $325 million in cash and equivalents as of June 30, 2022.
- Adjusted EBITDA of $79 million increased 163% Y/Y.
- Adjusted EPS of $1.34 beat the analyst consensus of $0.47.
- Outlook: Visteon maintained its full-year 2022 guidance. It sees FY22 sales of $3.15 billion - $3.35 billion, against the consensus of $3.22 billion.
- The company expects FY22 adjusted EBITDA of $295 million - $335 million.
- Price Action: VC shares are trading higher by 4.42% at $123.51 on the last check Thursday.
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