Visteon Corp. (NASDAQ:VC) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET
Company Participants
Kristopher Doyle - Director, IR and FP&A
Sachin Lawande - President, CEO & Director
Jerome Rouquet - SVP & CFO
Conference Call Participants
Itay Michaeli - Citi
Mark Delaney - Goldman Sachs
Rod Lache - Wolfe Research
James Picariello - BNP Paribas
Joseph Spak - RBC Capital
David Kelley - Jefferies
Kristopher Doyle
Good morning. I'm Kris Doyle, Vice President of Investor Relations and Treasurer. Welcome to our earnings call for the second quarter of 2022. Please note, this call is being recorded ad 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 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 one hour, and we'll open the lines for your 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’ll turn the call over to Sachin.
Sachin Lawande
Thank you, Kris. Good morning, everyone, and thank you for joining our second quarter 2022 earnings call. Page two summarizes our results for the second quarter. The company did very well in navigating semiconductor shortages and the COVID-19-related lockdowns in Shanghai that impacted the global automotive industry in the quarter.
Our second quarter sales were $848 million, an increase of 42% year-over-year when excluding the impact of currency. This is the highest quarterly sales achieved by the company since 2015. Adjusted EBITDA was $79 million or 9.3% of sales, an increase of $49 million compared to prior year due to higher production volumes and a strong commercial and operational discipline.
Adjusted free cash flow for the second quarter was a use of $62 million as disruptions in semiconductor supply drove an increase of working capital. The company delivered another quarter of higher-than-market growth for sales, continuing our performance from the past quarters. We launched 11 new products in the quarter and 27 in the first half across multiple OEMs and on high-profile vehicle models. These new product launches put us in a good position to continue our sales outperformance in the coming quarters.