Visteon Corporation (NASDAQ:VC) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET
Company Participants
Ryan Ghazaeri - Director, Capital Markets and Strategic Planning
Sachin Lawande - President and CEO
Jerome Rouquet - SVP and CFO
Kristopher Doyle - IR
Conference Call Participants
Emmanuel Rosner - Deutsche Bank
Luke Junk - Baird
David Kelley - Jefferies
James Picariello - BNP Paribas
Colin Langan - Wells Fargo
Itay Michaeli - Citi
Ryan Ghazaeri
Good morning. I'm Ryan Ghazaeri, Director of Capital Markets and Strategic Planning. Welcome to our Earnings Call for the Fourth Quarter and Full Year 2022. Please note, 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'd like to remind you that 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've 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 one hour and we'll open the lines for your questions after Sachin and Jerome's remarks. Please limit your questions to one question and one follow-up. Thank you, for joining us.
I will now turn over the call to Sachin.
Sachin Lawande
Thank you, Ryan, and thanks everyone for joining us this morning.
2022 was an exceptional year for Visteon. Our industry-leading digital cockpit electronics products performed very well, resulting in full year sales of $3,756 million, an increase of 35% over last year, compared with our customers vehicle production growth of approximately 5%. We ended the year with the 15th consecutive quarter in which our sales outperformed our customers vehicle production. Adjusted EBITDA was $348 million, or 9.3% of sales, an increase of $120 million over last year.
The Company's cost-efficient footprint combined with the shift to platform-based product development and operational and commercial discipline resulted in higher sales and drove margin expansion of 110 basis-points.