Visteon, Corp. (NASDAQ:VC) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET
Company Participants
Ryan Ghazaeri - DCM & SP
Sachin Lawande - President & CEO
Jerome Rouquet - SVP & CFO
Kristopher Doyle - IR
Conference Call Participants
Shreyas Patil - Wolfe Research
Mark Delaney - Goldman Sachs
James Picariello - BNP Paribas Exane Research
Luke Junk - Baird
Emmanuel Rosner - Deutsche Bank
David Kelley - Jefferies
Ryan Ghazaeri
Good morning. I'm Ryan Ghazaeri, Director of Capital Markets and Strategic Planning. Welcome to our Earnings Call for the Third Quarter of 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 this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not guarantee the future results and conditions but rather our 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 Investor 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 this 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. Good morning, everyone. And thank you, for joining our Third Quarter 2022 Earnings Call. Page 2, summarizes results for the third quarter. The Company performed very well despite the industrywide challenges that have impacted vehicle production and inflated costs. Our third quarter sales were $1,026 million, an increase of 63% year-over-year making it the highest quarterly sales since I joined the company. Adjusted EBITDA was $95 million or 9.3% of sales, an increase of $53 million compared to prior year due to the higher sales and a strong commercial and operational discipline. Adjusted free cash flow for the third quarter was an inflow of $59 million, a strong EBITDA was partially offset by an increase of working capital.