Thu, Oct 24, 11:09 AM (70 days ago)
For the third quarter ending September 30, 2024, Visteon Corporation (NASDAQ: VC) reported net sales of $980 million, down 3.4% year-over-year, primarily due to customer pricing reductions and currency fluctuations. Gross margin decreased to $131 million, reflecting a decline in sales volume and increased restructuring costs of $28 million. Net income attributable to Visteon was $39 million, compared to $66 million in Q3 2023, impacted by lower sales and increased operational challenges. Adjusted EBITDA fell to $119 million, a decrease of 7% from the prior year. The company's balance sheet remains robust, with total assets increasing to $2.893 billion and cash reserves rising to $553 million. Visteon executed a strategic acquisition of a German R&D firm for $55 million, aiming to enhance its technology offerings. The firm is navigating uncertainties in the automotive sector, including geopolitical tensions and supply chain disruptions, which may affect future operations. Overall, Visteon is focused on innovation and maintaining a strong capital allocation strategy amidst a challenging market landscape.