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Visteon Delivers Connected, Electrified Driving Experiences to CES 2022

Visteon Delivers Connected, Electrified Driving Experiences to CES 2022
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Visteon Announces First-Quarter 2021 Results


 
VAN BUREN TOWNSHIP, Mich., April 29, 2021 (GLOBE NEWSWIRE) Visteon Corporation (NASDAQ: VC) today announced first-quarter net sales of $746 million, representing a year-over-year increase of 14% excluding the impact of currency. Visteon’s sales performance represented a 14% growth-over-market compared to the production volumes of its customers.
Gross margin in the first quarter was $73 million, and net income attributable to Visteon was $16 million or $0.56 per diluted share. Adjusted EBITDA, a non-GAAP measure as defined below, was $64 million for the first quarter or 8.6% of sales, an increase of $31 million or 350 basis points compared to the prior year. Adjusted EBITDA margin benefited from higher volumes as well as cost improvements initiated throughout 2020, partially offset by incremental supply chain costs that impacted margins by approximately 190 basis points. ....

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