Visteon (NASDAQ: VC) reported Q1 EPS of $0.53, $0.50 worse than the analyst estimate of $1.03. Revenue for the quarter came in at $737 million versus the consensus estimate of $718.01 million.

• Sales of $737 million
• Net income of $14 million
• Adjusted EBITDA of $41 million
• Awarded $1.4 billion in new business; one-third for electric vehicles
  • Driven by digital clusters, displays and SmartCore™
  • Won first battery management system for electric vehicles
  • Expanded business in commercial vehicle segment

"Sales were in line with our expectations, despite the challenging vehicle production environment," said Visteon President and CEO Sachin Lawande. "The operational challenges that affected our margins are expected to diminish and be largely resolved in the second and third quarters. Our new business wins were strong and well-aligned with key industry technology trends, with one-third for electric vehicles including battery management systems. We are also pleased to extend our success in the commercial vehicle segment with the addition of a second heavy-duty truck customer."

GUIDANCE:

Visteon sees FY2019 revenue of $2.9-3 billion, versus the consensus of $2.91 billion.

• Adjusted EBITDA in the range of $245 million to $270 million
• Adjusted free cash flow in the range of $45 million to $70 million.

For earnings history and earnings-related data on Visteon (VC) click here.