Visteon Corporation (NASDAQ: VC) today announced third-quarter 2018
results, reporting sales of $681 million, compared with $765
million in the third quarter of 2017. Third-quarter net income
attributable to Visteon was $21 million or $0.71 per diluted share
for 2018, compared with $43 million or $1.35 per diluted share in
2017.
Adjusted EBITDA, a non-GAAP financial measure as defined below,
was $71 million for the third quarter, compared with $83 million in
the same period last year. Adjusted net income, a non-GAAP
financial measure as defined below, was $33 million for the third
quarter or $1.12 per diluted share, compared with $45 million or
$1.42 per diluted share in the third quarter of 2017.
Global vehicle manufacturers awarded Visteon new business of
$5.4 billion year-to-date through Sept. 30, 2018.
"The third quarter was very challenging, as vehicle production
volumes were impacted in virtually every region," said Visteon
President and CEO Sachin Lawande. "Our new business wins remain
strong, driven by our new technologies and products that address
emerging trends in the industry. Despite near-term headwinds, we
remain confident about our long-term growth."
Third Quarter in Review
Sales totaled $681 million and $765 million during the third
quarters of 2018 and 2017, respectively. On a regional basis, in
the third quarter of 2018, Asia accounted for 42 percent of sales,
Europe 32 percent, and the Americas 26 percent.
Gross margin for the third quarter of 2018 and 2017 was $82
million and $114 million, respectively. Adjusted EBITDA was $71
million for the third quarter of 2018, compared with $83 million
for the same quarter last year. Adjusted EBITDA margin was 10.4
percent for the third quarter of 2018, 40 basis points lower than
the prior year.
For the third quarter of 2018, net income was $21 million or
$0.71 per diluted share, compared with $43 million or $1.35 per
diluted share for the same period in 2017. Adjusted net income,
which excludes restructuring charges and discontinued operations,
was $33 million or $1.12 per diluted share for the third quarter of
2018, compared with $45 million or $1.42 per diluted share for the
same period in 2017.
Cash and Debt Balances
Visteon's balance sheet remains strong with total cash of $442
million as of Sept. 30, 2018. Total debt as of Sept. 30, 2018, was
$380 million.
For the third quarter of 2018, cash used by operations was $19
million, and capital expenditures were $27 million. Year-to-date
cash from operations was $107 million, and capital expenditures
were $96 million. Total Visteon adjusted free cash flow, a non-GAAP
financial measure as defined below, for the third quarter and first
nine months of the year was $42 million and $35 million,
respectively.
Share Repurchases
During the first nine months of the year, the company
repurchased $250 million of shares, and as of Sept. 30, 2018, had
29.1 million of diluted shares of common stock outstanding.
Visteon is authorized to purchase an additional $450 million of
shares through Dec. 31, 2020, under the Board of Directors' Jan.
15, 2018, resolution.
Full-Year 2018 Outlook
Visteon updated its full-year 2018 guidance, with sales in the
range of $2.95 billion to $3.00 billion, adjusted EBITDA in the
range of $315 million to $335 million, and adjusted free cash flow
in the range of $80 million to $100 million.
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, Oct. 25, 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 second-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 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 7577718. 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, 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 Sept. 30, 2018. New business wins, rewins and backlog 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
cancellations, installation rates, 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 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.
Follow Visteon:
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Contacts:
Media:
Jim Fisher734-710-5557734-417-6184 –
mobilejfishe89@visteon.com
Investors:
Kris Doyle734-710-7893kdoyle@visteon.com
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Dollars in Millions, Except Per Share
Data)(Unaudited)
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30 |
|
September 30 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Sales |
$ |
681 |
|
|
$ |
765 |
|
|
$ |
2,253 |
|
|
$ |
2,349 |
|
Cost of sales |
(599 |
) |
|
(651 |
) |
|
(1,938 |
) |
|
(1,995 |
) |
Gross margin |
82 |
|
|
114 |
|
|
315 |
|
|
354 |
|
Selling, general and administrative expenses |
(40 |
) |
|
(55 |
) |
|
(139 |
) |
|
(161 |
) |
Restructuring expense |
(18 |
) |
|
(6 |
) |
|
(28 |
) |
|
(10 |
) |
Interest expense, net |
(2 |
) |
|
(3 |
) |
|
(6 |
) |
|
(12 |
) |
Equity in net income of non-consolidated affiliates |
3 |
|
|
1 |
|
|
10 |
|
|
6 |
|
Other income, net |
7 |
|
|
4 |
|
|
17 |
|
|
11 |
|
Income before income taxes |
32 |
|
|
55 |
|
|
169 |
|
|
188 |
|
Provision for income taxes |
(9 |
) |
|
(8 |
) |
|
(42 |
) |
|
(34 |
) |
Net income from continuing operations |
23 |
|
|
47 |
|
|
127 |
|
|
154 |
|
Income from discontinued operations, net of tax |
1 |
|
|
— |
|
|
2 |
|
|
8 |
|
Net income |
24 |
|
|
47 |
|
|
129 |
|
|
162 |
|
Net income attributable to non-controlling interests |
(3 |
) |
|
(4 |
) |
|
(8 |
) |
|
(11 |
) |
Net income attributable to Visteon Corporation |
$ |
21 |
|
|
$ |
43 |
|
|
$ |
121 |
|
|
$ |
151 |
|
|
|
|
|
|
|
|
|
Earnings per share data: |
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.68 |
|
|
$ |
1.38 |
|
|
$ |
3.99 |
|
|
$ |
4.50 |
|
Discontinued operations |
0.03 |
|
|
— |
|
|
0.07 |
|
|
0.25 |
|
Basic earnings per share attributable to Visteon Corporation |
$ |
0.71 |
|
|
$ |
1.38 |
|
|
$ |
4.06 |
|
|
$ |
4.75 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.68 |
|
|
$ |
1.35 |
|
|
$ |
3.95 |
|
|
$ |
4.43 |
|
Discontinued operations |
0.03 |
|
|
— |
|
|
0.07 |
|
|
0.25 |
|
Diluted earnings per share attributable to Visteon Corporation |
$ |
0.71 |
|
|
$ |
1.35 |
|
|
$ |
4.02 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (in millions) |
|
|
|
|
|
|
|
Basic |
29.3 |
|
|
31.2 |
|
|
29.8 |
|
|
31.8 |
|
Diluted |
29.5 |
|
|
31.8 |
|
|
30.1 |
|
|
32.3 |
|
|
|
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
|
|
Comprehensive income |
$ |
8 |
|
|
$ |
59 |
|
|
$ |
91 |
|
|
$ |
205 |
|
Comprehensive income attributable to Visteon Corporation |
$ |
8 |
|
|
$ |
53 |
|
|
$ |
87 |
|
|
$ |
190 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollars in Millions)(Unaudited)
|
September 30 |
|
December 31 |
|
2018 |
|
2017 |
ASSETS |
|
|
|
Cash and equivalents |
$ |
439 |
|
|
$ |
706 |
|
Restricted cash |
3 |
|
|
3 |
|
Accounts receivable, net |
448 |
|
|
530 |
|
Inventories, net |
222 |
|
|
189 |
|
Other current assets |
192 |
|
|
175 |
|
Total current assets |
1,304 |
|
|
1,603 |
|
|
|
|
|
Property and equipment, net |
384 |
|
|
377 |
|
Intangible assets, net |
130 |
|
|
132 |
|
Investments in non-consolidated affiliates |
39 |
|
|
41 |
|
Other non-current assets |
141 |
|
|
151 |
|
Total assets |
$ |
1,998 |
|
|
$ |
2,304 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Short-term debt, including current portion of long-term
debt |
$ |
32 |
|
|
$ |
46 |
|
Accounts payable |
432 |
|
|
470 |
|
Accrued employee liabilities |
65 |
|
|
105 |
|
Other current liabilities |
166 |
|
|
180 |
|
Total current liabilities |
695 |
|
|
801 |
|
|
|
|
|
Long-term debt |
348 |
|
|
347 |
|
Employee benefits |
256 |
|
|
277 |
|
Deferred tax liabilities |
22 |
|
|
23 |
|
Other non-current liabilities |
86 |
|
|
95 |
|
|
|
|
|
Stockholders’ equity |
|
|
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,331 |
|
|
1,339 |
|
Retained earnings |
1,566 |
|
|
1,445 |
|
Accumulated other comprehensive loss |
(208 |
) |
|
(174 |
) |
Treasury stock |
(2,214 |
) |
|
(1,974 |
) |
Total Visteon Corporation stockholders’ equity |
476 |
|
|
637 |
|
Non-controlling interests |
115 |
|
|
124 |
|
Total equity |
591 |
|
|
761 |
|
Total liabilities and equity |
$ |
1,998 |
|
|
$ |
2,304 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (Dollars in Millions)(Unaudited)
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30 |
|
September 30 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
OPERATING |
|
|
|
|
|
|
|
Net income |
$ |
24 |
|
|
$ |
47 |
|
|
$ |
129 |
|
|
$ |
162 |
|
Adjustments to reconcile net income to net cash provided from
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
22 |
|
|
21 |
|
|
67 |
|
|
62 |
|
Equity in net income of non-consolidated affiliates,
net of dividends remitted |
(3 |
) |
|
(1 |
) |
|
(10 |
) |
|
(6 |
) |
Non-cash stock-based compensation |
4 |
|
|
3 |
|
|
4 |
|
|
9 |
|
Transaction gains |
(5 |
) |
|
(2 |
) |
|
(8 |
) |
|
(11 |
) |
Other non-cash items |
— |
|
|
(1 |
) |
|
2 |
|
|
2 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
(3 |
) |
|
21 |
|
|
82 |
|
|
29 |
|
Inventories |
(24 |
) |
|
(7 |
) |
|
(38 |
) |
|
(15 |
) |
Accounts payable |
(9 |
) |
|
(19 |
) |
|
(17 |
) |
|
(39 |
) |
Other assets and other liabilities |
(25 |
) |
|
(18 |
) |
|
(104 |
) |
|
(64 |
) |
Net cash (used by) provided from operating activities |
(19 |
) |
|
44 |
|
|
107 |
|
|
129 |
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures, including intangibles |
(27 |
) |
|
(22 |
) |
|
(96 |
) |
|
(69 |
) |
Acquisition of businesses, net of cash acquired |
16 |
|
|
— |
|
|
16 |
|
|
(47 |
) |
Proceeds from asset sales and business divestitures |
— |
|
|
2 |
|
|
— |
|
|
15 |
|
Settlement of net investment hedge |
— |
|
|
— |
|
|
— |
|
|
5 |
|
Other |
10 |
|
|
1 |
|
|
13 |
|
|
1 |
|
Net cash used by investing activities |
(1 |
) |
|
(19 |
) |
|
(67 |
) |
|
(95 |
) |
FINANCING |
|
|
|
|
|
|
|
Short-term debt, net |
3 |
|
|
1 |
|
|
(13 |
) |
|
8 |
|
Principal payments on debt |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
Distribution payments |
— |
|
|
— |
|
|
(14 |
) |
|
(1 |
) |
Repurchase of common stock |
(50 |
) |
|
(10 |
) |
|
(250 |
) |
|
(170 |
) |
Dividends paid to non-controlling interests |
(11 |
) |
|
(18 |
) |
|
(12 |
) |
|
(29 |
) |
Stock based compensation tax-withholding payments |
(3 |
) |
|
— |
|
|
(7 |
) |
|
(1 |
) |
Other |
— |
|
|
(1 |
) |
|
2 |
|
|
(3 |
) |
Net cash used by financing activities |
(61 |
) |
|
(28 |
) |
|
(294 |
) |
|
(198 |
) |
Effect of exchange rate changes on cash |
(5 |
) |
|
4 |
|
|
(13 |
) |
|
17 |
|
Net (decrease) increase in cash |
(86 |
) |
|
1 |
|
|
(267 |
) |
|
(147 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
528 |
|
|
734 |
|
|
709 |
|
|
882 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
442 |
|
|
$ |
735 |
|
|
$ |
442 |
|
|
$ |
735 |
|
The Company has combined cash flows from
discontinued operations with cash flows from continuing operations
within the operating and investing 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 |
|
Nine Months
Ended |
|
Estimated |
|
September 30 |
|
September 30 |
|
Full Year |
Visteon: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
Net income attributable to Visteon |
$ |
71 |
|
|
$ |
43 |
|
|
$ |
121 |
|
|
$ |
151 |
|
|
$141 - $161 |
Depreciation and amortization |
22 |
|
|
21 |
|
|
67 |
|
|
62 |
|
|
90 |
|
Restructuring expense |
18 |
|
|
6 |
|
|
28 |
|
|
10 |
|
|
30 |
|
Interest expense, net |
2 |
|
|
3 |
|
|
6 |
|
|
12 |
|
|
8 |
|
Equity in net income of non-consolidated
affiliates |
(3 |
) |
|
(1 |
) |
|
(10 |
) |
|
(6 |
) |
|
(13 |
) |
Provision for income taxes |
9 |
|
|
8 |
|
|
42 |
|
|
34 |
|
|
50 |
|
Income from discontinued operations, net of tax |
(1 |
) |
|
— |
|
|
(2 |
) |
|
(8 |
) |
|
(2 |
) |
Net income attributable to non-controlling
interests |
3 |
|
|
4 |
|
|
8 |
|
|
11 |
|
|
11 |
|
Non-cash, stock-based compensation |
4 |
|
|
3 |
|
|
4 |
|
|
9 |
|
|
8 |
|
Other |
(4 |
) |
|
(4 |
) |
|
(8 |
) |
|
(7 |
) |
|
(8 |
) |
Adjusted EBITDA |
$ |
21 |
|
|
$ |
83 |
|
|
$ |
256 |
|
|
$ |
268 |
|
|
$315 - $335 |
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 |
|
Nine Months
Ended |
|
Estimated |
|
September 30 |
|
September 30 |
|
Full Year |
Total Visteon: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
Cash (used by) provided from operating activities |
$ |
(19 |
) |
|
$ |
44 |
|
|
$ |
107 |
|
|
$ |
129 |
|
|
$165 - $180 |
Capital expenditures, including intangibles |
(27 |
) |
|
(22 |
) |
|
(96 |
) |
|
(69 |
) |
|
(120 - 110) |
Free cash flow |
$ |
(46 |
) |
|
$ |
22 |
|
|
$ |
11 |
|
|
$ |
60 |
|
|
$45- $70 |
Restructuring/transformation-related payments |
4 |
|
|
10 |
|
|
24 |
|
|
28 |
|
|
35 - 30 |
Adjusted free cash flow |
$ |
(42 |
) |
|
$ |
32 |
|
|
$ |
35 |
|
|
$ |
88 |
|
|
$80 - $100 |
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 September
30 |
|
Nine Months Ended September
30 |
Net income attributable to Visteon: |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Electronics |
|
$ |
20 |
|
|
$ |
43 |
|
|
$ |
119 |
|
|
$ |
143 |
|
Discontinued operations |
|
1 |
|
|
— |
|
|
2 |
|
|
8 |
|
Net income attributable to Visteon |
|
$ |
21 |
|
|
$ |
43 |
|
|
$ |
121 |
|
|
$ |
151 |
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended September
30, 2018 |
|
Electronics |
|
Discontinued
Operations |
|
Total Visteon |
|
Electronics |
|
Discontinued
Operations |
|
Total Visteon |
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visteon |
$ |
20 |
|
|
$ |
1 |
|
|
$ |
21 |
|
|
$ |
119 |
|
|
$ |
2 |
|
|
$ |
121 |
|
Average shares outstanding, diluted (in millions) |
29.5 |
|
|
29.5 |
|
|
29.5 |
|
|
30.1 |
|
|
30.1 |
|
|
30.1 |
|
Diluted earnings per share |
$ |
0.68 |
|
|
$ |
0.03 |
|
|
$ |
0.71 |
|
|
$ |
3.95 |
|
|
$ |
0.07 |
|
|
$ |
4.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visteon |
$ |
20 |
|
|
$ |
1 |
|
|
$ |
21 |
|
|
$ |
119 |
|
|
$ |
2 |
|
|
$ |
121 |
|
Restructuring expense |
18 |
|
|
— |
|
|
18 |
|
|
28 |
|
|
— |
|
|
28 |
|
Other |
(5 |
) |
|
— |
|
|
(5 |
) |
|
(9 |
) |
|
— |
|
|
(9 |
) |
Income from discontinued operations, net of tax |
— |
|
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
(2 |
) |
|
(2 |
) |
Adjusted net income * |
$ |
33 |
|
|
$ |
— |
|
|
$ |
33 |
|
|
$ |
138 |
|
|
$ |
— |
|
|
$ |
138 |
|
Average shares outstanding, diluted (in millions) |
29.5 |
|
|
29.5 |
|
|
29.5 |
|
|
30.1 |
|
|
30.1 |
|
|
30.1 |
|
Adjusted earnings per share |
$ |
1.12 |
|
|
$ |
— |
|
|
$ |
1.12 |
|
|
$ |
4.58 |
|
|
$ |
— |
|
|
$ |
4.58 |
|
*Tax impacts of approximately
$1M. |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017 |
|
Nine Months Ended September
30, 2017 |
|
Electronics |
|
Discontinued
Operations |
|
Total Visteon |
|
Electronics |
|
Discontinued
Operations |
|
Total Visteon |
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visteon |
$ |
43 |
|
|
$ |
— |
|
|
$ |
43 |
|
|
$ |
143 |
|
|
$ |
8 |
|
|
$ |
151 |
|
Average shares outstanding, diluted (in millions) |
31.8 |
|
|
— |
|
|
31.8 |
|
|
32.3 |
|
|
32.3 |
|
|
32.3 |
|
Diluted earnings per share |
$ |
1.35 |
|
|
$ |
— |
|
|
$ |
1.35 |
|
|
$ |
4.43 |
|
|
$ |
0.25 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visteon |
$ |
43 |
|
|
$ |
— |
|
|
$ |
43 |
|
|
$ |
143 |
|
|
$ |
8 |
|
|
$ |
151 |
|
Restructuring expense |
6 |
|
|
— |
|
|
6 |
|
|
10 |
|
|
— |
|
|
10 |
|
Other |
(4 |
) |
|
— |
|
|
(4 |
) |
|
(7 |
) |
|
— |
|
|
(7 |
) |
Income from discontinued operations, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
(8 |
) |
Adjusted net income * |
$ |
45 |
|
|
$ |
— |
|
|
$ |
45 |
|
|
$ |
146 |
|
|
$ |
— |
|
|
$ |
146 |
|
Average shares outstanding, diluted (in millions) |
31.8 |
|
|
— |
|
|
31.8 |
|
|
32.3 |
|
|
32.3 |
|
|
32.3 |
|
Adjusted earnings per share |
$ |
1.42 |
|
|
$ |
— |
|
|
$ |
1.42 |
|
|
$ |
4.52 |
|
|
$ |
— |
|
|
$ |
4.52 |
|
*Tax impacts of adjustments less
than $1M. |
|
|
|
|
|
|
|
|
|
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.
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