Visteon said second quarter 2023 sales rose 18% year on year to US$983m, helped by higher customer vehicle production and recent product launches.
The supplier noted it had made lower semiconductor open market purchases and associated recoveries had reduced as supply constraints continued to ease.
Total industry production was up 16% and vehicle production at top customers increased 12%.
Gross margin was $104m and net income $20m or $0.70 per share. Adjusted net income was $34m or $1.18 a share. Adjusted EBITDA was $90m or 9.2% of sales, up $11m helped by higher volume but offset by an exceptional charge of $15m related to a customer’s recall programme.
The company said it won a “record” $4bn of new business in the first half.
Second quarter wins included the first EV power electronics deal with “a European OEM luxury brand” which integrated the recently developed smart battery junction box with the battery management system.
Additional Q2 wins includes a 20 inch, V shaped multi display module for a European OEM, a 12.3-inch digital cluster display for the luxury brand of a Japanese customer and an extension of a high volume, 12.3,inch digital cluster programme in North America.
President and CEO Sachin Lawande said: “Our digital cockpit and electrification products remain in high demand with $4bn of new business wins in the first half.”
Visteon is maintaining full year 2023 guidance and anticipates sales of $3.95bn – $4.15bn and adjusted EBITDA of $405m – $445m.
