VAN BUREN TOWNSHIP, Mich.,
May 9, 2013 /PRNewswire/ --
- Achieved significant year-over-year financial
improvement
- Sales of $1.86 billion, up
$139 million
- Net income attributable to Visteon of $69 million, up $98
million
- Adjusted EBITDA of $170
million, up $27
million
- Sustained strong cash position while creating
value
- Cash from operations of $122
million, up $103 million
year-over-year
- Adjusted free cash flow of $95
million, up $69
million
- Cash balances of $995
million, of which $384 million
at U.S. parent; total debt of $777
million
- Repurchased 2.2 million shares ($125 million) year-to-date, representing 4
percent of outstanding shares
- Integrated majority of global climate business into Halla
Visteon Climate Control (HVCC); HVCC shares repeatedly setting
all-time highs in April/May
- 2013 full-year EPS outlook increased to reflect impact of
updated income tax projections
Visteon Corporation (NYSE: VC) today announced first-quarter
2013 results, reporting net income attributable to Visteon of
$69 million, or $1.33 per diluted share, compared with a net loss
of $29 million, or $0.56 per diluted share, in the first quarter of
2012.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO
)
Visteon reported first-quarter sales of $1.86 billion, an increase of $139 million compared with the same quarter a
year earlier. Sales were higher due to increased vehicle production
and new business in Asia and
North America, partially offset by
lower production volumes in Europe. First-quarter adjusted EBITDA, a
non-GAAP financial measure as defined below, was $170 million, increasing from $143 million for the same period last year.
"We are pleased with our first-quarter performance, which
represents a significant year-over-year improvement and validates
that our strategic plan to deliver value for customers and
shareholders continues to gain momentum," said Tim Leuliette, president and CEO. "The benefits
of our value-creating strategy are beginning to be recognized – in
the recent all-time high share trading price of Halla Visteon
Climate Control, for example. We continue to aggressively move
forward with our plan and are committed to having our progress
recognized appropriately in Visteon's share trading price."
Cash from operating activities totaled $122 million, an increase of $103 million compared with the same period in
2012. Adjusted free cash flow, a non-GAAP financial measure as
defined below, of $95 million for the
first quarter of 2013 improved by $69
million compared with the first quarter of 2012.
First-quarter 2013 net income included a benefit of $54 million related to the outcome of certain tax
proceedings, partially offset by $36
million of restructuring and other transformational
costs.
Other Developments
Since Jan. 1, 2013, the company
has repurchased $125 million in
common shares under its $300 million
repurchase program. Shares repurchased since the program began
total $175 million.
On Jan. 31, Visteon and its 70
percent-owned Korean affiliate Halla Climate Control Corporation
completed a transaction combining the majority of Visteon's
automotive climate business under Halla Visteon Climate Control.
The transaction was divided into two phases, with the second phase
now largely complete and on track to be finished in the first half
of 2013.
First Quarter in Review
Hyundai-Kia accounted for approximately 33 percent of Visteon's
first-quarter product sales, with Ford Motor Company accounting for
28 percent, Renault-Nissan 7 percent and PSA Peugeot-Citroen 4
percent. On a regional basis, Asia
accounted for 46 percent of total product sales —
up from 43 percent a year earlier — while
Europe represented 30 percent,
North America 19 percent and
South America 5 percent.
Gross margin for the first quarter of 2013 was $154 million, compared with $134 million a year earlier. Gross margin
increased $20 million year-over-year,
reflecting volume and new business impacts, partially offset by
increased product development costs incurred to support future
growth. Selling, general and administrative (SG&A) expenses of
$86 million for the first quarter of
2013 decreased $5 million, to 4.6
percent of product sales.
During the first quarter of 2013, Visteon recognized
$44 million of equity in the net
income of non-consolidated affiliates, compared with $42 million in the first quarter of 2012.
Visteon's 50 percent-owned affiliate, Yanfeng Visteon Automotive
Trim Systems Co., Ltd., and related affiliate interests contributed
$41 million in equity income.
For the first quarter of 2013, the company reported net income
of $69 million, or $1.33 per diluted share, which included a
$54 million benefit related to the
outcome of certain tax proceedings and $36
million of costs associated with restructuring and related
activities. This compares with a net loss of $29 million for the same period in 2012, which
included $63 million in restructuring
and related costs. Adjusted EBITDA for the first quarter of 2013
was $170 million, compared with
$143 million for the same period a
year earlier. On a year-over-year basis, increases in adjusted
EBITDA reflect favorable volume and new business, partially offset
by net cost performance.
First Quarter Results by Segment
Climate sales increased by $205
million during the first quarter of 2013, compared with the
same quarter last year. Higher production volumes and new business,
primarily in Asia and North America, increased sales by $199 million.
Electronics sales increased $36
million during the first quarter, compared with the same
period in 2012. Vehicle production volume increases in North America, partially offset by European
volume declines, resulted in a $38
million sales increase.
Interiors sales decreased during the quarter by $76 million, compared with the first quarter of
2012. Sales decreased $62 million due
to volume declines, primarily in Europe, in connection with weakened economic
conditions. Unfavorable currency, primarily related to the euro,
decreased sales by an additional $7
million.
Cash and Debt Balances
As of March 31, 2013, Visteon had
global cash balances totaling $995
million, including restricted cash of $15 million, and total debt of $777 million.
For the first quarter of 2013, Visteon generated $122 million of cash from operations, compared
with $19 million in the same period a
year earlier, primarily driven by higher earnings and trade working
capital. Capital expenditures in the quarter were $63 million, up from $53
million in the first quarter of 2012. Adjusted free cash
flow was positive $95 million in the
quarter, compared with $26 million in
the first quarter of 2012.
Full-Year 2013 Outlook
Visteon reaffirmed full-year guidance for most financial
metrics. The company projects 2013 sales ranging from $7.3 billion to $7.5 billion, adjusted EBITDA in
the range of $620 million to $660
million, and adjusted free cash flow, as defined below, of
$100 million to $150 million. To
reflect the impact of updated income tax projections, Visteon
updated its full-year guidance for adjusted earnings per share, a
non-GAAP measure as defined below, to a range of $4.04 to $5.52.
About Visteon
Visteon is a leading global automotive supplier delivering value
for vehicle manufacturers and shareholders through a family of
businesses including:
- Halla Visteon Climate Control, majority-owned by Visteon and
the world's second-largest global supplier of automotive climate
components and systems.
- Visteon Electronics, a leading supplier of audio and
infotainment, driver information, center stack electronics and
feature control modules.
- Visteon Interiors, a global provider of vehicle cockpit
modules, instrument panels, consoles and door trim modules.
- Yanfeng Visteon Automotive Trim Systems Co., Ltd., a successful
non-consolidated China-based
partnership between Visteon and Shanghai Automotive Industry
Corporation's automotive components group, Huayu Automotive
Systems.
Through this family of enterprises, Visteon designs, engineers
and manufactures innovative components and systems for virtually
every vehicle manufacturer worldwide, and these businesses
generated $13.8 billion in sales in
2012, including non-consolidated operations. With corporate offices
in Van Buren Township, Mich.
(U.S.); Shanghai, China; and
Chelmsford, UK; Visteon has
facilities in 29 countries and employs through its various
businesses, including non-consolidated operations, approximately
55,000 people. Learn more at www.visteon.com.
Conference Call and Presentation
Today, Thursday, May 9, at
8 a.m. EDT, the company will host a
conference call for the investment community to discuss the
quarter's results and other related items. The conference call is
available to the general public via a live audio webcast. The
dial-in numbers to participate in the call are:
U.S./Canada: 888-452-7086
Outside U.S./Canada:
706-643-3752
(Call approximately 10 minutes before the start of the
conference.)
The conference call and live audio webcast, along with the
financial results release, presentation material and other
supplemental information, will be accessible through Visteon's
website at www.visteon.com.
A replay of the conference call will be available through the
company's website or by dialing 855-859-2056 (toll-free from the
U.S. and Canada) or 404-537-3406
(international). The conference ID for the phone replay is
47580090. The phone replay will be available for one week following
the conference call.
Forward-looking Information
This press release 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 forward-looking
statements, including, but not limited to: (1) conditions within
the automotive industry, including (i) the automotive vehicle
production volumes and schedules of our customers, (ii) the
financial condition of our customers and the effects of any
restructuring or reorganization plans that may be undertaken by our
customers or suppliers, including work stoppages, and (iii)
possible disruptions in the supply of commodities to us or our
customers due to financial distress, work stoppages, natural
disasters or civil unrest; (2) our ability to satisfy future
capital and liquidity requirements; including our ability to access
the credit and capital markets at the times and in the amounts
needed and on terms acceptable to us; our ability to comply with
financial and other covenants in our credit agreements; and the
continuation of acceptable supplier payment terms; (3) our ability
to satisfy pension and other post-employment benefit obligations;
(4) our ability to access funds generated by foreign subsidiaries
and joint ventures on a timely and cost-effective basis; (5) our
ability to execute on our transformational plans and cost-reduction
initiatives in the amounts and on the timing contemplated; (6)
general economic conditions, including changes in interest rates,
currency exchange rates and fuel prices; (7) the timing and
expenses related to internal restructurings, employee reductions,
acquisitions or dispositions and the effect of pension and other
post-employment benefit obligations; (8) increases in raw material
and energy costs and our ability to offset or recover these costs,
increases in our warranty, product liability and recall costs or
the outcome of legal or regulatory proceedings to which we are or
may become a party; and (9) those factors identified in our filings
with the SEC (including our Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2012).
Caution should be taken not to place undue reliance on our
forward-looking statements, which represent our view only as of the
date of this release, and which we assume no obligation to update.
The financial results presented herein are preliminary and
unaudited; final financial results will be included in the
company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2013. New business wins and
rewins do not represent firm orders or firm commitments from
customers, but are based on various assumptions, including the
timing and duration of product launches, vehicle production levels,
customer price reductions and currency exchange rates.
Use of Non-GAAP Financial Information
This press release contains information about Visteon's
financial results which is not presented in accordance with
accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP
financial measures are reconciled to their closest GAAP financial
measures at the end of this press release. The provision of these
comparable GAAP financial measures for full-year 2013 is not
intended to indicate that Visteon is explicitly or implicitly
providing projections on those GAAP financial measures, and actual
results for such measures are likely to vary from those presented.
The reconciliations include all information reasonably available to
the company at the date of this press release and the adjustments
that management can reasonably predict.
Contact:
Media:
Jim Fisher
734-710-5557
jfishe89@visteon.com
Investors:
Bob Krakowiak
734-710-5793
bkrakowi@visteon.com
Scott Deitz
734-710-2603
sdeitz@visteon.com
VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars in Millions, Except Per Share
Data)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
|
|
March
31
|
|
2013
|
|
2012
|
|
|
|
|
Sales
|
$
|
1,856
|
|
|
$
|
1,717
|
|
Cost of
sales
|
1,702
|
|
|
1,583
|
|
Gross
margin
|
154
|
|
|
134
|
|
Selling,
general and administrative expenses
|
86
|
|
|
91
|
|
Equity in
net income of non-consolidated affiliates
|
44
|
|
|
42
|
|
Interest
expense, net
|
10
|
|
|
9
|
|
Restructuring and other expenses
|
36
|
|
|
63
|
|
Income
before income taxes
|
66
|
|
|
13
|
|
(Benefit
from) provision for income taxes
|
(18)
|
|
|
27
|
|
Net
income (loss) from continuing operations
|
84
|
|
|
(14)
|
|
Income
from discontinued operations, net of tax
|
—
|
|
|
3
|
|
Net
income (loss)
|
84
|
|
|
(11)
|
|
Net income
attributable to non-controlling interests
|
15
|
|
|
18
|
|
Net
income (loss) attributable to Visteon Corporation
|
$
|
69
|
|
|
$
|
(29)
|
|
|
|
|
|
Per
share data:
|
|
|
|
Basic
earnings (loss) per share
|
|
|
|
Continuing
operations
|
$
|
1.34
|
|
|
$
|
(0.62)
|
|
Discontinued operations
|
—
|
|
|
0.06
|
|
Basic
earnings (loss) per share attributable to Visteon
Corporation
|
$
|
1.34
|
|
|
$
|
(0.56)
|
|
|
|
|
|
Diluted
earnings (loss) per share
|
|
|
|
Continuing
operations
|
$
|
1.33
|
|
|
$
|
(0.62)
|
|
Discontinued operations
|
—
|
|
|
0.06
|
|
Diluted
earnings (loss) per share attributable to Visteon
Corporation
|
$
|
1.33
|
|
|
$
|
(0.56)
|
|
|
|
|
|
Average
shares outstanding (in millions)
|
|
|
|
Basic
|
51.6
|
|
|
51.9
|
|
Diluted
|
51.9
|
|
|
51.9
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
Comprehensive income
|
$
|
40
|
|
|
$
|
36
|
|
Comprehensive income attributable to Visteon
Corporation
|
$
|
41
|
|
|
$
|
11
|
|
VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March
31
|
|
December
|
|
2013
|
|
2012
|
ASSETS
|
|
|
Cash and
equivalents
|
$
|
980
|
|
|
$
|
825
|
|
Restricted
cash
|
15
|
|
|
20
|
|
Accounts
receivable, net
|
1,181
|
|
|
1,162
|
|
Inventories, net
|
427
|
|
|
385
|
|
Other
current assets
|
267
|
|
|
271
|
|
Total
current assets
|
2,870
|
|
|
2,663
|
|
|
|
|
|
Property
and equipment, net
|
1,297
|
|
|
1,326
|
|
Equity in
net assets of non-consolidated affiliates
|
781
|
|
|
756
|
|
Intangible
assets, net
|
314
|
|
|
332
|
|
Other
non-current assets
|
105
|
|
|
79
|
|
Total
assets
|
$
|
5,367
|
|
|
$
|
5,156
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
Short-term
debt, including current portion of long-term debt
|
$
|
99
|
|
|
$
|
96
|
|
Accounts
payable
|
1,192
|
|
|
1,027
|
|
Accrued
employee liabilities
|
162
|
|
|
175
|
|
Other
current liabilities
|
290
|
|
|
254
|
|
Total
current liabilities
|
1,743
|
|
|
1,552
|
|
|
|
|
|
Long-term
debt
|
678
|
|
|
473
|
|
Employee
benefits
|
555
|
|
|
571
|
|
Deferred
tax liabilities
|
179
|
|
|
181
|
|
Other
non-current liabilities
|
173
|
|
|
238
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
Preferred stock
|
—
|
|
|
—
|
|
Common stock
|
1
|
|
|
1
|
|
Stock warrants
|
10
|
|
|
10
|
|
Additional paid-in capital
|
1,250
|
|
|
1,269
|
|
Retained earnings
|
335
|
|
|
266
|
|
Accumulated other comprehensive loss
|
(118)
|
|
|
(90)
|
|
Treasury stock
|
(172)
|
|
|
(71)
|
|
Total
Visteon Corporation stockholders' equity
|
1,306
|
|
|
1,385
|
|
Non-controlling interests
|
733
|
|
|
756
|
|
Total
equity
|
2,039
|
|
|
2,141
|
|
Total
liabilities and equity
|
$
|
5,367
|
|
|
$
|
5,156
|
|
VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Dollars in Millions)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
|
|
March
31
|
|
2013
|
|
2012
|
Operating Activities
|
|
|
|
Net income
(loss)
|
$
|
84
|
|
|
$
|
(11)
|
|
Adjustments to reconcile net income (loss) to net
cash provided from operating
activities:
|
|
|
|
Depreciation and amortization
|
67
|
|
|
65
|
|
Equity in net income of non-consolidated affiliates,
net of dividends remitted
|
(41)
|
|
|
(42)
|
|
Stock-based compensation
|
6
|
|
|
7
|
|
Other non-cash items
|
—
|
|
|
18
|
|
Changes in
assets and liabilities:
|
|
|
|
Accounts receivable
|
(42)
|
|
|
(100)
|
|
Inventories
|
(51)
|
|
|
(21)
|
|
Accounts payable
|
190
|
|
|
126
|
|
Accrued income taxes
|
(57)
|
|
|
6
|
|
Other assets and other liabilities
|
(34)
|
|
|
(29)
|
|
Net cash
provided from operating activities
|
122
|
|
|
19
|
|
|
|
|
|
Investing Activities
|
|
|
|
Capital
expenditures
|
(63)
|
|
|
(53)
|
|
Proceeds
from business divestitures and asset sales
|
17
|
|
|
—
|
|
Net cash
used by investing activities
|
(46)
|
|
|
(53)
|
|
|
|
|
|
Financing Activities
|
|
|
|
Proceeds
from issuance of debt, net of issuance costs
|
204
|
|
|
2
|
|
Short-term
debt, net
|
12
|
|
|
—
|
|
Principal
payments on debt
|
(1)
|
|
|
(4)
|
|
Payments
to repurchase common stock
|
(125)
|
|
|
—
|
|
Net cash
provided from (used by) financing activities
|
90
|
|
|
(2)
|
|
Effect
of exchange rate changes on cash and equivalents
|
(11)
|
|
|
9
|
|
Net
increase (decrease) in cash and equivalents
|
155
|
|
|
(27)
|
|
Cash
and equivalents at beginning of period
|
825
|
|
|
723
|
|
Cash
and equivalents at end of period
|
$
|
980
|
|
|
$
|
696
|
|
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited, Dollars in Millions)
In this press release the Company has provided information
regarding certain non-GAAP financial measures including "Adjusted
EBITDA," "Free cash flow," "Adjusted free cash flow,"
"Adjusted net income" and "Adjusted earnings per share." Such
non-GAAP financial measures are reconciled to their closest GAAP
financial measure in the schedules below.
Adjusted EBITDA: Adjusted EBITDA is presented as a
supplemental measure of the Company's performance that management
believes is useful to investors because the excluded items may vary
significantly in timing or amounts and/or may obscure trends useful
in evaluating and comparing the Company's continuing operating
activities across reporting periods. The Company defines Adjusted
EBITDA as net income attributable to Visteon, plus net interest
expense, provision for income taxes and depreciation and
amortization, as further adjusted to eliminate the impact of asset
impairments, gains or losses on divestitures, discontinued
operations, net restructuring expenses and other reimbursable
costs, stock-based compensation expense, certain non-recurring
employee charges and benefits, reorganization items, and other
non-operating gains and losses. Because not all companies use
identical calculations, this presentation of Adjusted EBITDA may
not be comparable to other similarly titled measures of other
companies.
|
Three
Months Ended
|
|
Estimated
|
|
March
31
|
|
Full
Year
|
|
2013
|
|
2012
|
|
2013
|
Adjusted EBITDA
|
$
|
170
|
|
|
$
|
143
|
|
|
$620 -
$660
|
Interest expense, net
|
10
|
|
|
9
|
|
|
40
|
(Benefit from) provision for income taxes
|
(18)
|
|
|
27
|
|
|
50 -
85
|
Depreciation and amortization
|
67
|
|
|
64
|
|
|
270
|
Restructuring and other expense
|
36
|
|
|
63
|
|
|
105 -
155
|
Stock-based compensation expense
|
6
|
|
|
7
|
|
|
20
|
Other
|
—
|
|
|
2
|
|
|
15
|
Net
income (loss) attributable to Visteon Corporation
|
$
|
69
|
|
|
$
|
(29)
|
|
|
$35 -
$160
|
Adjusted EBITDA is not a recognized term under GAAP and does not
purport to be a substitute for net income as an indicator of
operating performance or cash flows from operating activities as a
measure of liquidity. Adjusted EBITDA has limitations as an
analytical tool and is not intended to be a measure of cash flow
available for management's discretionary use, as it does not
consider certain cash requirements such as interest payments, tax
payments and debt service requirements. In addition, the Company
uses Adjusted EBITDA (i) as a factor in incentive compensation
decisions, (ii) to evaluate the effectiveness of the Company's
business strategies, and (iii) the Company's credit agreements use
measures similar to Adjusted EBITDA to measure compliance with
certain covenants.
Free Cash Flow and Adjusted Free Cash Flow: Free cash
flow and adjusted free cash are presented as supplemental measures
of the Company's liquidity that management believes are useful to
investors in analyzing the Company's ability to service and repay
its debt. The Company defines free cash flow as cash flow provided
from operating activities less capital expenditures. The Company
defines adjusted free cash flow as cash flow provided from
operating activities less capital expenditures, as further
adjusted for restructuring payments net of customer recoveries,
transformation and reorganization-related payments. Because not all
companies use identical calculations, this presentation of free
cash flow and adjusted free cash may not be comparable to other
similarly titled measures of other companies.
|
Three
Months Ended
|
|
Estimated
|
|
March
31
|
|
Full
Year
|
|
2013
|
|
2012
|
|
2013
|
Cash
provided from operating activities
|
$
|
122
|
|
|
$
|
19
|
|
|
$175 -
$275
|
Capital expenditures
|
(63)
|
|
|
(53)
|
|
|
(250)
|
Free
cash flow
|
$
|
59
|
|
|
$
|
(34)
|
|
|
($75) -
$25
|
Restructuring payments, net
|
15
|
|
|
38
|
|
|
$125 -
$75
|
Transformation and reorganization-related payments
|
21
|
|
|
22
|
|
|
50
|
Adjusted free cash flow
|
$
|
95
|
|
|
$
|
26
|
|
|
$100
- $150
|
Free Cash Flow and Adjusted Free Cash Flow are not recognized
terms under GAAP and do not purport to be a substitute for cash
flows from operating activities as a measure of liquidity.
Free Cash Flow and Adjusted Free Cash Flow have limitations as
analytical tools as they do not reflect cash used to service debt
and do not reflect funds available for investment or other
discretionary uses. In addition, the Company uses Free Cash
Flow and Adjusted Free Cash Flow (i) as factors in incentive
compensation decisions and (ii) for planning and forecasting future
periods.
Adjusted Net Income and Adjusted Earnings Per Share:
Adjusted Net Income and Adjusted Earnings Per Share are presented
as supplemental measures that management believes are useful to
investors in analyzing the Company's profitability. The
Company defines adjusted net income as net income
attributable to Visteon plus net restructuring expenses,
reorganization items, discontinued operations and other
non-operating gains and losses. The Company defines adjusted
earnings per share as adjusted net income divided by diluted
shares. Because not all companies use identical calculations, this
presentation of adjusted net income and adjusted earnings per share
may not be comparable to other similarly titled measures of other
companies.
|
Three
Months Ended
|
|
Estimated
|
|
March
31
|
|
Full
Year
|
|
2013
|
|
2012
|
|
2013
|
|
(Dollars and shares in millions)
|
Net
income (loss) attributable to Visteon
|
$
|
69
|
|
|
$
|
(29)
|
|
|
$35 -
$160
|
Average shares outstanding,
diluted
|
51.9
|
|
|
51.9
|
|
|
50.7
|
Earnings (loss) per share
|
$
|
1.33
|
|
|
$
|
(0.56)
|
|
|
$0.69 -
$3.16
|
|
|
|
|
|
|
Memo:
Items included in net income (loss) attributable to
Visteon
|
|
|
|
|
|
Restructuring and other expense
|
$
|
(36)
|
|
|
$
|
(63)
|
|
|
$(155)-$(105)
|
Other
non-operating costs, net
|
—
|
|
|
(5)
|
|
|
(15)
|
Lighting
net income
|
—
|
|
|
3
|
|
|
—
|
Total
|
(36)
|
|
|
(65)
|
|
|
$(170) -
$(120)
|
|
|
|
|
|
|
Adjusted earnings per share
|
|
|
|
|
|
Net income
(loss) attributable to Visteon
|
$
|
69
|
|
|
$
|
(29)
|
|
|
$35 -
$160
|
Items in net income (loss)
attributable to Visteon
|
(36)
|
|
|
(65)
|
|
|
(170) -
(120)
|
Adjusted net income
|
$
|
105
|
|
|
$
|
36
|
|
|
$205 -
$280
|
Average shares outstanding,
diluted
|
51.9
|
|
|
51.9
|
|
|
50.7
|
Adjusted earnings per share
|
$
|
2.02
|
|
|
$
|
0.69
|
|
|
$4.04 -
$5.52
|
Adjusted Net Income and Adjusted Earnings Per Share are
not recognized terms under GAAP and do not purport to be a
substitute for profitability. Adjusted Net Income and
Adjusted Earnings Per Share have limitations as analytical tools as
they do not consider certain restructuring and transaction-related
payments and/or expenses. In addition, the Company uses
Adjusted Net Income and Adjusted Earnings Per Share for planning
and forecasting future periods.
SOURCE Visteon Corporation