Visteon Announces 2024 Financial Results and 2025 Outlook

Core Insights - Visteon Corporation reported strong financial performance for the fourth quarter and full year of 2024, with net sales of $939 million in Q4 and $3,866 million for the full year, reflecting market outperformance and successful product launches [1][3][12] - The company achieved a record adjusted EBITDA of $474 million for the full year, driven by operational performance and cost discipline, despite a decline in net income due to prior year tax benefits [4][12] - Visteon secured $6.1 billion in new business wins across various product categories, indicating robust demand and strategic growth initiatives [7][11] Fourth Quarter Financial Results - Net sales for Q4 were $939 million, with a 2% market outperformance globally and 8% outside of China [1] - Gross margin was $134 million, and net income attributable to Visteon was $122 million, or $4.37 per diluted share [2][12] - Adjusted EBITDA for Q4 was $117 million, with an adjusted EBITDA margin of 12.5%, an increase of 70 basis points year-over-year [2] Full-Year Financial Results - Total net sales for 2024 reached $3,866 million, with a 4% outperformance relative to customer production globally [3] - Gross margin for the year was $531 million, and net income attributable to Visteon was $274 million, or $9.82 per diluted share [4][12] - Adjusted EBITDA for the full year was a record $474 million, reflecting a $40 million increase from the previous year, with an adjusted EBITDA margin of 12.3%, up 130 basis points [4] Cash Flow and Share Repurchase - Cash provided by operations was $427 million, with adjusted free cash flow reaching a record $300 million for the year [5][12] - The company repurchased $63 million of shares in 2024 under a $300 million share repurchase authorization [6] New Business Wins and Product Launches - Visteon was awarded $6.1 billion in lifetime sales from new business wins, including significant contracts in digital clusters, SmartCore™, infotainment, displays, and electrification [7][8] - The company launched 95 new products in 2024, aligning with trends in software-defined vehicles and increased digitalization [9] Outlook for 2025 - Visteon anticipates sales in the range of $3.65 billion to $3.85 billion for 2025, with adjusted EBITDA expected between $450 million and $480 million [10]