United States. The end of the first four months of the year yielded different results compared to the financial statements of the company Visteon, located in the United States and operating in 17 countries.
Visteon reported net sales of $933,000,000 in the first quarter, compared to $967,000,000 in the prior year. The drop was mainly due to lower demand for semiconductors and less production of vehicles for customers. However, Visteon's sales outpaced customers' vehicle production by 2%, driven by new products and electronics growth.
Gross margin was $119,000,000 USD and attributable net income was $42,000,000 USD, or $1.50 USD per diluted share. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $102,000,000 USD, an increase of $3,000,000 USD over the prior year, thanks to good operating performance and commercial and cost discipline.
Visteon gained $1,400,000,000 USD in new business in the quarter, cementing its position as a leader in cockpit digitization. These included prizes of more than $400,000,000 USD in displays for European commercial vehicles and German luxury vehicles, among others. They also diversified into adjacent markets with profits of more than $300,000,000 USD in commercial and two-wheelers.
Visteon's products were launched in 26 vehicle models across 14 OEMs in the first quarter. These product launches continue to lay the foundation for the company's continued superior performance in the marketplace. Key new launches include a digital cluster, a central audio infotainment display on the Ford Puma for Europe, a digital dashboard on the Honda electric vehicle for several Asian markets, including China, and a SmartCore program on Scania commercial vehicles.
Sachin Lawande, President and CEO of Visteon, says that the results for this first part of 2024 respond to the continuous effort and trend mapping: "Our first-quarter results highlight our continued progress in addressing the digitalization and electrification megatrends that are rapidly changing the automotive industry."
