Visteon Corp. (NASDAQ:VC) Q1 2022 Earnings Conference Call April 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
Mark Delaney - Goldman Sachs Group
James Picariello - BNP Paribas Exane
Michael Filatov - Berenberg
Emmanuel Rosner - Deutsche Bank
Joseph Spak - RBC Capital Markets
David Kelley - Jefferies
Colin Langan - Wells Fargo Securities
Kristopher Doyle
Good morning. I'm Kris Doyle, Vice President of Investor Relations and Treasurer. Welcome to our earnings call for the first 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 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 Sach 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 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 first quarter 2022 earnings call. As outlined on Page 2, Visteon continued to execute on our growth strategy despite the challenging environment. The product trends we highlighted on our Q4 earnings call continued in Q1 with most of our key products, significantly outperforming underlying customer vehicle production. First quarter sales were $818 million, an increase of 11% year-over-year and excluding currency and 22% growth over market as vehicle production at our customers declined approximately 11%. Sales came in better than anticipated as we benefited from automakers prioritizing higher content vehicles and on account of our proactive approach of mitigating semiconductor shortages through product redesign and purchasing chips from the open market.