Visteon Shares Gain On Better-Than-Expected Q2 Earnings

by Shivani Kumaresan, Benzinga Staff Writer
July 28, 2022 2:56 PM | 1 min read |
  • 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.
Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Comments
Date
▲▼
ticker
▲▼
name
▲▼
Actual EPS
▲▼
EPS Surprise
▲▼
Actual Rev
▲▼
Rev Surprise
▲▼
Click to see more Earnings updates
Posted In: EarningsNewsGuidanceMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!