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Visteon Shares Gain On Better-Than-Expected Q2 Earnings

Published 28/07/2022, 19:56
© Reuters. Visteon Shares Gain On Better-Than-Expected Q2 Earnings
VC
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  • Visteon Corp (NASDAQ: 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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