Visteon Corporation (NASDAQ:VC) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET
Company Participants
Ryan Wentling - Vice President of Investor Relations and Treasurer
Sachin Lawande - President and Chief Executive Officer
Jerome Rouquet - Senior Vice President and Chief Financial Officer
Conference Call Participants
Gautam Narayan - RBC Capital Markets
James Picariello - BNP Paribas
Ronald Jewsikow - Guggenheim Securities
Mark Delaney - Goldman Sachs
Shreyas Patil - Wolfe Research
Dan Levy - Barclays
Luke Junk - Baird
Emmanuel Rosner - Deutsche Bank
Ryan Wentling
Good morning. I am Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to our earnings call for the second quarter of 2023. Please note that this call is being recorded and all lines have been placed on listen-only mode to prevent background noise.
Before we begin this morning’s call, I would like to remind you, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Please refer to the page entitled Forward-Looking Information for additional details.
Presentation materials for today’s call were posted on the Investors section of Visteon’s website this morning. Please visit investors.visteon.com to download the material if you have not already done so.
Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We have scheduled the call for 1 hour, and we’ll open the lines for questions after Sachin’s and Jerome’s remarks. Please limit your questions to one question and one follow-up.
Thank you for joining us. Now, I will turn the call over to Sachin.
Sachin Lawande
Thank you, Ryan, and good morning, everyone. Thank you for joining our second quarter 2023 earnings call. Page 2 provides a summary of our results for the second quarter. The company continued to deliver strong results and execute on our growth strategy.
Second quarter sales were $983 million, an increase of 18% year-over-year excluding currency. Our underlying product sales outperformed industry vehicle production as a result of the strong demand for our digital cockpit products and the emergence of our electrification business. Our sales now have outperformed industry vehicle production for 17 consecutive quarters and demonstrate that the digital transformation is in full effect in our industry.