Visteon has recorded fourth-quarter net sales of US$787m, representing a year-over-year increase of 5% excluding the impact of currency.
Gross margin in the fourth quarter was US$89m and net income attributable to Visteon was US$18m.
Adjusted EBITDA was US$75m for the fourth quarter of 2020 or 9.5% of sales.
The company won US$1.4bn in new business during the fourth quarter, for a total of US$4.6bn in 2020. Visteon launched 11 new products in the quarter, 55 in total for 2020.
Visteon continued its momentum in battery management systems with an additional global OEM win and also expanded its digital content in the two-wheeler market with a new customer for its digital cockpit technology.
It also benefited from the industry move toward larger and more complex displays with a multi-display and integrated digital cluster win with a Japanese automaker
Visteon’s full-year 2021 guidance projects sales in the range of US$2.88bn to US$3.03bn, adjusted EBITDA in the range of US$230m to US$270m and adjusted free cash flow in the range of US$35m to US$65m.
The 2021 sales guidance reflects current customer and supplier communication regarding semiconductor shortages.
“In 2021, we anticipate sales will increase approximately 16% year over year, driven by the rebound in industry production volumes and continued growth over market due to new product launches,” said Visteon president and CEO, Sachin Lawande.
“Visteon is on schedule to launch more than 50 new products this year, which are projected to generate more than US$7bn in lifetime revenue and positions us well to achieve our 2023 targets.”
Show the press release
Original source: https://www.visteon.com/newsroom/visteon-announces-2020-financial-results-and-2021-outlook/