Visteon Corporation (NASDAQ:VC) today announced first-quarter 2018
results, reporting sales of $814 million, compared with $810
million in the first quarter of 2017. First-quarter net income
attributable to Visteon was $65 million or $2.11 per diluted share
for 2018, compared with $63 million or $1.91 per diluted share for
2017.
Adjusted EBITDA, a non-GAAP financial measure as defined below,
was $104 million for the first quarter, compared with $101 million
in the same period last year. Adjusted net income, a non-GAAP
financial measure as defined below, was $64 million for the first
quarter or $2.08 per diluted share, compared with $57 million or
$1.73 per diluted share in the first quarter of 2017.
During the first quarter, global vehicle manufacturers awarded
Visteon new business of $1.6 billion in lifetime revenue. The
ongoing backlog, defined as cumulative remaining life-of-program
booked sales, was $20.1 billion as of March 31, 2018, up from
$19.4 billion at the end of 2017.
"Our strong first-quarter results provided a solid start to
2018, as we achieved year-over-year improvements in sales, adjusted
EBITDA, new business wins and free cash flow," said Visteon
President and CEO Sachin Lawande. "Despite softness in global
vehicle production volumes in the quarter, we recorded our 13th
consecutive quarter of year-over-year growth in adjusted EBITDA
margin."
Lawande added: "We were very pleased with multiple SmartCore™
wins – including an award from Geely Auto for its next-generation
new energy vehicle platform – as well as an Automotive News PACE
Award for technology innovation. With the market transitioning
toward electronic control unit consolidation, Visteon is in a very
good position to continue to capitalize on this trend as the leader
in cockpit domain controller solutions.”
First Quarter in Review
Sales totaled $814 million and $810 million during the first
quarter of 2018 and 2017, respectively, for an increase of $4
million. Sales increased in Asia, driven by new product launches,
offset by a decrease in sales in the Americas, primarily reflecting
lower production volumes. On a regional basis, Asia accounted for
39 percent of sales, Europe 33 percent, and the Americas 28
percent.
Gross margin for the first quarter of 2018 was $129 million,
consistent with $129 million a year earlier. Adjusted EBITDA was
$104 million for the first quarter of 2018, compared with $101
million for the same quarter last year. Adjusted EBITDA margin was
12.8 percent for the first quarter of 2018, 30 basis points higher
than the prior year.
Gross margin and adjusted EBITDA were impacted by favorable
currency and a positive business equation, partially offset by
lower production volumes and product mix. Business equation is
defined as cost performance net of customer pricing.
For the first quarter of 2018, net income was $65 million or
$2.11 per diluted share, compared with net income of $63 million or
$1.91 per diluted share for the same period in 2017. First-quarter
2018 net income included a $17 million benefit in connection with a
legal settlement. This benefit was partially offset by an increase
in restructuring charges of $4 million and income taxes of $5
million. Additionally, 2017 discontinued operations, net of tax,
included a gain of $7 million associated with the repurchase of the
India operations. Adjusted net income, which excludes restructuring
charges and discontinued operations, was $64 million or $2.08 per
diluted share for the first quarter of 2018, compared with $57
million or $1.73 per diluted share for the same period in 2017.
Cash and Debt Balances
As of March 31, 2018, Visteon had total cash of $526
million. Total debt as of March 31, 2018, was $382
million.
For the first quarter of 2018, cash from operations was $81
million, and capital expenditures were $44 million. Total Visteon
adjusted free cash flow, a non-GAAP financial measure as defined
below, for the first quarter of 2018 was $48 million, compared with
a use of $31 million during the first quarter of 2017, driven by
improved receivables performance.
Share Repurchases
During the first quarter of 2018, the company executed
agreements to purchase $200 million of shares.
The company paid $50 million to repurchase 410,325 shares at an
average price of $121.85 through various programs with third-party
financial institutions.
Additionally, on March 6, 2018, Visteon entered into an
Accelerated Share Buyback (ASB) program with a third-party
financial institution to purchase shares of its common stock for an
aggregate purchase price of $150 million. At inception of the
program, Visteon received an initial delivery of 988,386 shares,
which represents 80 percent of the shares to be delivered, using a
reference price of $121.41. The ASB is expected to conclude no
later than the third quarter of 2018. Visteon is authorized to
purchase an additional $500 million through Dec. 31, 2020, under
the Board of Directors' Jan. 15, 2018, resolution.
As of March 31, 2018, the company had 29.8 million diluted
shares of common stock outstanding.
About Visteon
Visteon is a global technology company that designs, engineers
and manufactures innovative cockpit electronics products and
connected car solutions for most of the world’s major vehicle
manufacturers. Visteon is a leading provider of instrument
clusters, head-up displays, information displays, infotainment,
audio systems, SmartCore™ cockpit domain controllers, vehicle
connectivity, and the DriveCore™ autonomous driving platform.
Visteon also supplies embedded multimedia and smartphone
connectivity software solutions to the global automotive industry.
Headquartered in Van Buren Township, Michigan, Visteon has
approximately 10,000 employees at more than 40 facilities in 18
countries. Visteon had sales of $3.15 billion in 2017. Learn more
at www.visteon.com.
Conference Call and Presentation
Today, Thursday, April 26, 2018, at 9 a.m. ET, 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: 866-411-5196Outside U.S./Canada: 970-297-2404
(Call approximately 10 minutes before the start of the
conference.)
The conference call and live audio webcast, related presentation
materials and other supplemental information will be accessible in
the investors section of Visteon’s website. A news release on
Visteon’s first-quarter results will be available in the news
section of the website.
A replay of the conference call will be available through the
company’s website or by dialing855-859-2056 (toll-free from the
U.S. and Canada) or 404-537-3406 (international). The conference ID
for the phone replay is 9090348. The phone replay will be available
for one week following the conference call.
Forward-looking InformationThis 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, 2017).
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 fiscal quarter
ended March 31, 2018. 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 InformationThis 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 2018 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.
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VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Dollars in Millions, Except Per Share
Data)(Unaudited)
|
Three Months Ended |
|
March 31 |
|
2018 |
|
2017 |
|
|
|
|
Sales |
$ |
814 |
|
|
$ |
810 |
|
Cost of sales |
(685 |
) |
|
(681 |
) |
Gross margin |
129 |
|
|
129 |
|
Selling, general and
administrative expenses |
(44 |
) |
|
(52 |
) |
Restructuring
expense |
(5 |
) |
|
(1 |
) |
Interest expense,
net |
(2 |
) |
|
(5 |
) |
Equity in net income of
non-consolidated affiliates |
3 |
|
|
2 |
|
Other income, net |
7 |
|
|
2 |
|
Income before income
taxes |
88 |
|
|
75 |
|
Provision for income
taxes |
(21 |
) |
|
(16 |
) |
Net income from
continuing operations |
67 |
|
|
59 |
|
Income from
discontinued operations, net of tax |
2 |
|
|
8 |
|
Net income |
69 |
|
|
67 |
|
Net income attributable
to non-controlling interests |
(4 |
) |
|
(4 |
) |
Net income attributable
to Visteon Corporation |
$ |
65 |
|
|
$ |
63 |
|
|
|
|
|
Earnings per share
data: |
|
|
|
Basic earnings per
share |
|
|
|
Continuing operations |
$ |
2.07 |
|
|
$ |
1.69 |
|
Discontinued operations |
0.07 |
|
|
0.25 |
|
Basic earnings per
share attributable to Visteon Corporation |
$ |
2.14 |
|
|
$ |
1.94 |
|
|
|
|
|
Diluted earnings per
share |
|
|
|
Continuing operations |
$ |
2.05 |
|
|
$ |
1.67 |
|
Discontinued operations |
0.06 |
|
|
0.24 |
|
Diluted earnings per
share attributable to Visteon Corporation |
$ |
2.11 |
|
|
$ |
1.91 |
|
|
|
|
|
Average shares
outstanding (in millions) |
|
|
|
Basic |
30.5 |
|
|
32.5 |
|
Diluted |
30.8 |
|
|
33.0 |
|
|
|
|
|
Comprehensive
income: |
|
|
|
Comprehensive
income |
$ |
92 |
|
|
$ |
90 |
|
Comprehensive income
attributable to Visteon Corporation |
$ |
82 |
|
|
$ |
85 |
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollars in Millions)(Unaudited)
|
March 31
|
|
December 31 |
|
2018 |
|
2017 |
ASSETS |
|
|
|
Cash and
equivalents |
$ |
523 |
|
|
$ |
706 |
|
Restricted cash |
3 |
|
|
3 |
|
Accounts receivable,
net |
498 |
|
|
530 |
|
Inventories, net |
199 |
|
|
189 |
|
Other current
assets |
194 |
|
|
175 |
|
Total current
assets |
1,417 |
|
|
1,603 |
|
|
|
|
|
Property and equipment,
net |
389 |
|
|
377 |
|
Intangible assets,
net |
133 |
|
|
132 |
|
Investments in
non-consolidated affiliates |
45 |
|
|
41 |
|
Other non-current
assets |
161 |
|
|
151 |
|
Total assets |
$ |
2,145 |
|
|
$ |
2,304 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt,
including current portion of long-term debt |
$ |
35 |
|
|
$ |
46 |
|
Accounts payable |
493 |
|
|
470 |
|
Accrued employee
liabilities |
80 |
|
|
105 |
|
Other current
liabilities |
179 |
|
|
180 |
|
Total current
liabilities |
787 |
|
|
801 |
|
|
|
|
|
Long-term debt |
347 |
|
|
347 |
|
Employee benefits |
275 |
|
|
277 |
|
Deferred tax
liabilities |
22 |
|
|
23 |
|
Other non-current
liabilities |
99 |
|
|
95 |
|
|
|
|
|
Stockholders’
equity |
|
|
|
Common
stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,291 |
|
|
1,339 |
|
Retained
earnings |
1,510 |
|
|
1,445 |
|
Accumulated other comprehensive loss |
(157 |
) |
|
(174 |
) |
Treasury
stock |
(2,139 |
) |
|
(1,974 |
) |
Total Visteon
Corporation stockholders’ equity |
506 |
|
|
637 |
|
Non-controlling
interests |
109 |
|
|
124 |
|
Total equity |
615 |
|
|
761 |
|
Total liabilities and
equity |
$ |
2,145 |
|
|
$ |
2,304 |
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
1 (Dollars in Millions)(Unaudited)
|
Three Months Ended |
|
March 31 |
|
2018 |
|
2017 |
OPERATING |
|
|
|
Net income |
$ |
69 |
|
|
$ |
67 |
|
Adjustments to
reconcile net income to net cash provided from operating
activities: |
|
|
|
Depreciation and amortization |
22 |
|
|
19 |
|
Equity in
net income of non-consolidated affiliates, net of dividends
remitted |
(3 |
) |
|
(2 |
) |
Non-cash
stock-based compensation |
(6 |
) |
|
2 |
|
Gain on
India operations repurchase |
— |
|
|
(7 |
) |
(Gains) /
losses on divestitures and impairments |
(3 |
) |
|
1 |
|
Other
non-cash items |
— |
|
|
3 |
|
Changes in assets and
liabilities: |
|
|
|
Accounts
receivable |
48 |
|
|
(39 |
) |
Inventories |
(6 |
) |
|
(8 |
) |
Accounts
payable |
30 |
|
|
18 |
|
Other
assets and other liabilities |
(70 |
) |
|
(65 |
) |
Net cash provided from
(used by) operating activities |
81 |
|
|
(11 |
) |
INVESTING |
|
|
|
Capital expenditures,
including intangibles |
(44 |
) |
|
(32 |
) |
India operations
repurchase |
— |
|
|
(47 |
) |
Proceeds from asset
sales and business divestitures |
— |
|
|
10 |
|
Loan repayments from
non-consolidated affiliates |
2 |
|
|
— |
|
Other |
1 |
|
|
— |
|
Net cash used by
investing activities |
(41 |
) |
|
(69 |
) |
FINANCING |
|
|
|
Short-term debt,
net |
(12 |
) |
|
15 |
|
Principal payments on
debt |
— |
|
|
(2 |
) |
Distribution
payments |
(14 |
) |
|
(1 |
) |
Repurchase of common
stock |
(200 |
) |
|
(125 |
) |
Dividends paid to
non-controlling interests |
(1 |
) |
|
— |
|
Other |
(3 |
) |
|
(3 |
) |
Net cash used by
financing activities |
(230 |
) |
|
(116 |
) |
Effect of exchange rate
changes on cash |
7 |
|
|
6 |
|
Net decrease in
cash |
(183 |
) |
|
(190 |
) |
Cash, cash equivalents,
and restricted cash at beginning of period |
709 |
|
|
882 |
|
Cash, cash equivalents,
and restricted cash at end of period |
$ |
526 |
|
|
$ |
692 |
|
|
1 The Company has combined cash flows from
discontinued operations with cash flows from continuing operations
within the operating, investing and financing categories. 2017 cash
flow statement recast for adoption of Accounting Standards
Update No. 2016-15, “Statement of Cash Flows (Topic 230):
Classification of Certain Cash Receipts and Cash Payments.”
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(Unaudited, Dollars in Millions)
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 operating activities across reporting periods. The
Company defines Adjusted EBITDA as net income attributable to the
Company adjusted to eliminate the impact of depreciation and
amortization, restructuring expense, net interest expense, equity
in net income of non-consolidated affiliates, loss on divestiture,
gain on non-consolidated affiliate transactions, provision for
income taxes, discontinued operations, net income attributable to
non-controlling interests, non-cash stock-based compensation
expense, and other gains and losses not reflective of the Company's
ongoing operations. Because not all companies use identical
calculations, this presentation of Adjusted EBITDA may not be
comparable to similarly titled measures of other companies.
|
Three Months Ended |
|
Estimated |
|
March 31 |
|
Full Year |
Visteon |
2018 |
|
2017 |
|
2018 |
Adjusted EBITDA |
$ |
104 |
|
|
$ |
101 |
|
|
$370 - $380 |
Depreciation and amortization |
(22 |
) |
|
(19 |
) |
|
(90) |
Restructuring expense |
(5 |
) |
|
(1 |
) |
|
(10) |
Interest
expense, net |
(2 |
) |
|
(5 |
) |
|
(10) |
Equity in
net income of non-consolidated affiliates |
3 |
|
|
2 |
|
|
10 |
Provision
for income taxes |
(21 |
) |
|
(16 |
) |
|
(55) |
Income
from discontinued operations, net of tax |
2 |
|
|
8 |
|
|
2 |
Net
income attributable to non-controlling interests |
(4 |
) |
|
(4 |
) |
|
(15) |
Non-cash,
stock-based compensation |
6 |
|
|
(2 |
) |
|
(8) |
Other |
4 |
|
|
(1 |
) |
|
4 |
Net income attributable
to Visteon |
$ |
65 |
|
|
$ |
63 |
|
|
$198 - $208 |
|
Adjusted EBITDA is not a recognized term under
U.S. 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) because the Company's
credit agreements use similar measures for compliance with certain
covenants.
Free Cash Flow and Adjusted Free Cash
Flow: Free cash flow and Adjusted free cash flow 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 and
transformation-related payments. Free cash flow and Adjusted free
cash flow include amounts associated with discontinued operations.
Because not all companies use identical calculations, this
presentation of Free cash flow and Adjusted free cash flow may not
be comparable to other similarly titled measures of other
companies.
|
Three Months Ended |
|
|
|
March 31 |
|
Estimated |
Total
Visteon |
2018 |
|
2017 |
|
Full Year 2018 |
Cash provided from
(used by) operating activities total Visteon |
$ |
81 |
|
|
$ |
(11 |
) |
|
$245 -
$265 |
Capital expenditures,
including intangibles |
(44 |
) |
|
(32 |
) |
|
(110 - 105) |
Free cash flow |
$ |
37 |
|
|
$ |
(43 |
) |
|
$135 -
$160 |
Restructuring/transformation-related payments |
11 |
|
|
12 |
|
|
25 - 20 |
Adjusted free cash
flow |
$ |
48 |
|
|
$ |
(31 |
) |
|
$160 - $180 |
|
Free cash flow and Adjusted free cash flow are
not recognized terms under U.S. 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, providing comparability between periods by
excluding certain items that may not be indicative of recurring
business operating results. The Company believes management and
investors benefit from referring to these supplemental measures in
assessing company performance and when planning, forecasting and
analyzing future periods. The Company defines Adjusted net income
as net income attributable to Visteon adjusted to eliminate the
impact of restructuring expense, loss on divestiture, gain on
non-consolidated affiliate transactions, discontinued operations
and related tax effects and other gains and losses not reflective
of the Company's ongoing operations. 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 March 31 |
Net income
attributable to Visteon: |
|
2018 |
|
2017 |
Electronics |
|
$ |
63 |
|
|
$ |
55 |
|
Discontinued
operations |
|
2 |
|
|
8 |
|
Net income attributable
to Visteon |
|
$ |
65 |
|
|
$ |
63 |
|
|
|
Three Months Ended March 31,
2018 |
|
Electronics |
|
Discontinued Operations |
|
Total Visteon |
Diluted
earnings per share: |
|
|
|
|
|
Net income attributable
to Visteon |
$ |
63 |
|
|
$ |
2 |
|
|
$ |
65 |
|
Average shares
outstanding, diluted (in millions) |
30.8 |
|
|
30.8 |
|
|
30.8 |
|
Diluted earnings per
share |
$ |
2.05 |
|
|
$ |
0.06 |
|
|
$ |
2.11 |
|
|
|
|
|
|
|
Adjusted
earnings per share: |
|
|
|
|
|
Net income attributable
to Visteon |
$ |
63 |
|
|
$ |
2 |
|
|
$ |
65 |
|
Restructuring
expense |
5 |
|
|
— |
|
|
5 |
|
Other |
(4 |
) |
|
— |
|
|
(4 |
) |
Income from
discontinued operations, net of tax |
— |
|
|
(2 |
) |
|
(2 |
) |
Adjusted net
income |
$ |
64 |
|
|
$ |
— |
|
|
$ |
64 |
|
Average shares
outstanding, diluted (in millions) |
30.8 |
|
|
30.8 |
|
|
30.8 |
|
Adjusted earnings per
share |
$ |
2.08 |
|
|
$ |
— |
|
|
$ |
2.08 |
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2017 |
|
Electronics |
|
Discontinued Operations |
|
Total Visteon |
Diluted
earnings per share: |
|
|
|
|
|
Net income attributable
to Visteon |
$ |
55 |
|
|
$ |
8 |
|
|
$ |
63 |
|
Average shares
outstanding, diluted (in millions) |
33.0 |
|
|
33.0 |
|
|
33.0 |
|
Diluted earnings per
share |
$ |
1.67 |
|
|
$ |
0.24 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
Adjusted
earnings per share: |
|
|
|
|
|
Net income attributable
to Visteon |
$ |
55 |
|
|
$ |
8 |
|
|
$ |
63 |
|
Restructuring
expense |
1 |
|
|
— |
|
|
1 |
|
Other |
1 |
|
|
— |
|
|
1 |
|
Income from
discontinued operations, net of tax |
— |
|
|
(8 |
) |
|
(8 |
) |
Adjusted net
income |
$ |
57 |
|
|
$ |
— |
|
|
$ |
57 |
|
Average shares
outstanding, diluted (in millions) |
33.0 |
|
|
33.0 |
|
|
33.0 |
|
Adjusted earnings per
share |
$ |
1.73 |
|
|
$ |
— |
|
|
$ |
1.73 |
|
|
Adjusted net income and Adjusted earnings per
share are not recognized terms under U.S. 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.
Contacts:
Media:
Jim Fisher734-710-5557734-417-6184 –
mobilejfishe89@visteon.com
Investors:
Bill Robertson734-710-8349william.robertson@visteon.com
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