Why Visteon (VC) Shares Are Jumping Today - Visteon (NASDAQ:VC)

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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