Visteon (NASDAQ: VC) reported Q1 EPS of $0.07, $0.55 better than the analyst estimate of ($0.48). Revenue for the quarter came in at $643 million versus the consensus estimate of $625.49 million.

• Net sales of $643 million
• Net loss of $35 million, including $33 million of restructuring charges
• Adjusted EBITDA of $33 million
• Awarded $800 million in new business
• Available cash of $825 million; no near-term debt maturities

"Despite the challenging market environment due to COVID-19, Visteon sales outperformed the market, driven by launches of our core products," said President and CEO Sachin Lawande. "The proactive cost-reduction actions we implemented, combined with our strong balance sheet and a significant cash position, will enable us to weather the crisis and emerge as a strong, more competitive company."

Cash, Debt Balances and Guidance

As of March 31, 2020, Visteon remained in a positive net cash position with cash of $825 million and debt of $784 million.

For the first-quarter of 2020, cash provided from operations was $25 million and capital expenditures were $44 million. Adjusted free cash flow, a non-GAAP financial measure, was a use of cash of $14 million, compared with a use of cash of $30 million for the same period in the prior year.

The company withdrew its financial guidance on April 9, 2020, and, given the uncertainty of the market conditions, will not be providing revised guidance until there is better clarity regarding the COVID-19 impact.

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