Visteon Corporation (NASDAQ: VC) today announced second-quarter
2019 results, reporting net income attributable to Visteon of $7
million or $0.25 per diluted share, compared with $35 million or
$1.17 per diluted share in the second quarter of 2018.
Second-quarter 2019 sales were $733
million, compared with $758 million in the second
quarter of 2018. The decrease of $25 million is primarily due to
unfavorable vehicle production volumes, customer pricing and
unfavorable currency, partially offset by new business and the
consolidation of a previously non-consolidated affiliate. Gross
margin for the second quarter of 2019 was $70 million, compared
with $104 million in the same quarter in 2018. The decrease is
primarily due to lower OEM volumes and unfavorable mix, pricing,
currency, and timing of engineering expenses.
During the first half of 2019, global vehicle
manufacturers awarded Visteon new business of $3.2 billion in
lifetime sales, with more than 60 percent from next-generation
digital products -- including three wins powered by Visteon's
industry-first SmartCore™ domain controller. More than one third of
the wins are on electric vehicle platforms.
"Despite the challenging vehicle production
environment, our second-quarter sales outperformed the industry,
particularly in China," said Visteon President and CEO Sachin
Lawande. "We continued to gain momentum in winning next-generation
digital platforms, including an Android-based display audio system
with a European automaker, a multi-display module with a Korean
vehicle manufacturer, and a cross-platform SmartCore™ award with a
China-based automaker. Our pipeline of new business opportunities
remains robust despite the near-term uncertainty, which reinforces
our confidence in the long-term prospects of the business.”
Second Quarter in Review
Sales in the second quarter totaled $733
million, compared with $758 million in the second quarter of 2018.
On a regional basis, in the second quarter of 2019, Europe
accounted for 31 percent of sales, the Americas 27 percent, China
Domestic 16 percent, China Export 8 percent and Other Asia-Pacific
18 percent.
Adjusted EBITDA, a non-GAAP measure as defined
below, was $46 million for the second quarter of 2019, compared
with $81 million for the same quarter last year. Adjusted EBITDA
margin was 6.3 percent for the second quarter of 2019.
For the second quarter of 2019, net income
attributable to Visteon was $7 million or $0.25 per diluted share,
compared with $35 million or $1.17 per diluted share for the same
period in 2018. Adjusted net income, which excludes restructuring
charges and discontinued operations, was $8 million or $0.28 per
diluted share for the second quarter of 2019, compared with $41
million or $1.37 per diluted share for the same period in 2018.
The company had 28.1 million diluted shares of
common stock outstanding as of June 30, 2019.
Cash and Debt Balances
As of June 30, 2019, Visteon remained in a net
positive cash position with cash of $438 million and debt of
$402 million.
For the second quarter of 2019, cash provided
from operations was $57 million and capital expenditures were $34
million. Total Visteon adjusted free cash flow, a non-GAAP
financial measure as defined below, for the second quarter was $28
million, compared with $29 million during the second quarter of
2018.
Share Repurchases
During the second quarter of 2019, the company
repurchased 322,120 shares at an average price of $62.06 for a
total of $20 million. Visteon has a remaining share repurchase
authorization of $380 million.
Full-Year 2019 Outlook
Visteon updated its full-year 2019 guidance,
with sales in the range of $2.9 billion to $3.0 billion, adjusted
EBITDA in the range of $230 million to $250 million, and adjusted
free cash flow in the range of $30 million to $50 million.
About Visteon
Visteon is a global technology company that
designs, engineers and manufactures innovative cockpit electronics
and connected car solutions for the world’s major vehicle
manufacturers. Visteon is driving the smart, learning, digital
cockpit of the future, to improve safety and the user experience.
Visteon is a global leader in cockpit electronic products including
digital instrument clusters, information displays, infotainment,
head-up displays, telematics, SmartCore™ cockpit domain
controllers, and the DriveCore™ autonomous driving platform.
Visteon also delivers artificial intelligence-based technologies,
connected car, cybersecurity, interior sensing, embedded multimedia
and smartphone connectivity software solutions. Headquartered in
Van Buren Township, Michigan, Visteon has approximately 10,000
employees at more than 40 facilities in 18 countries. Visteon had
sales of approximately $3 billion in 2018. Learn more at
www.visteon.com.
Conference Call and
Presentation
Today, Thursday, July 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 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
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 7892819. 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 restructuring, 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, 2018).
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 June 30, 2019. 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 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 |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Sales |
$ |
733 |
|
|
$ |
758 |
|
|
$ |
1,470 |
|
|
$ |
1,572 |
|
Cost of sales |
(663 |
) |
|
(654 |
) |
|
(1,334 |
) |
|
(1,339 |
) |
Gross margin |
70 |
|
|
104 |
|
|
136 |
|
|
233 |
|
Selling, general and
administrative expenses |
(58 |
) |
|
(55 |
) |
|
(115 |
) |
|
(99 |
) |
Restructuring expense |
— |
|
|
(5 |
) |
|
(1 |
) |
|
(10 |
) |
Interest expense, net |
(2 |
) |
|
(2 |
) |
|
(4 |
) |
|
(4 |
) |
Equity in net income of
non-consolidated affiliates |
3 |
|
|
4 |
|
|
6 |
|
|
7 |
|
Other income, net |
3 |
|
|
3 |
|
|
5 |
|
|
10 |
|
Income before income
taxes |
16 |
|
|
49 |
|
|
27 |
|
|
137 |
|
Provision for income
taxes |
(8 |
) |
|
(12 |
) |
|
(3 |
) |
|
(33 |
) |
Net income from continuing
operations |
8 |
|
|
37 |
|
|
24 |
|
|
104 |
|
Income (loss) from
discontinued operations, net of tax |
— |
|
|
(1 |
) |
|
— |
|
|
1 |
|
Net income |
8 |
|
|
36 |
|
|
24 |
|
|
105 |
|
Net income attributable to
non-controlling interests |
(1 |
) |
|
(1 |
) |
|
(3 |
) |
|
(5 |
) |
Net income attributable to
Visteon Corporation |
$ |
7 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) |
$ |
4 |
|
|
$ |
(9 |
) |
|
$ |
25 |
|
|
$ |
83 |
|
Comprehensive income (loss)
attributable to Visteon Corporation |
$ |
4 |
|
|
$ |
(3 |
) |
|
$ |
22 |
|
|
$ |
79 |
|
|
|
|
|
|
|
|
|
Earnings per share data: |
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.25 |
|
|
$ |
1.22 |
|
|
$ |
0.75 |
|
|
$ |
3.29 |
|
Discontinued operations |
— |
|
|
(0.03 |
) |
|
— |
|
|
0.03 |
|
Basic earnings per share
attributable to Visteon Corporation |
$ |
0.25 |
|
|
$ |
1.19 |
|
|
$ |
0.75 |
|
|
$ |
3.32 |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.25 |
|
|
$ |
1.20 |
|
|
$ |
0.74 |
|
|
$ |
3.26 |
|
Discontinued operations |
— |
|
|
(0.03 |
) |
|
— |
|
|
0.03 |
|
Diluted earnings per share
attributable to Visteon Corporation |
$ |
0.25 |
|
|
$ |
1.17 |
|
|
$ |
0.74 |
|
|
$ |
3.29 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
Basic |
28.1 |
|
|
29.6 |
|
|
28.1 |
|
|
30.1 |
|
Diluted |
28.2 |
|
|
29.9 |
|
|
28.2 |
|
|
30.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollars in Millions)(Unaudited)
|
June 30 |
|
December 31 |
|
2019 |
|
2018 |
ASSETS |
|
|
|
Cash and equivalents |
$ |
435 |
|
|
$ |
463 |
|
Restricted cash |
3 |
|
|
4 |
|
Accounts receivable, net |
468 |
|
|
486 |
|
Inventories, net |
187 |
|
|
184 |
|
Other current assets |
190 |
|
|
159 |
|
Total current assets |
1,283 |
|
|
1,296 |
|
|
|
|
|
Property and equipment,
net |
414 |
|
|
397 |
|
Intangible assets, net |
126 |
|
|
129 |
|
Right to use assets, net |
164 |
|
|
— |
|
Investments in
non-consolidated affiliates |
48 |
|
|
42 |
|
Other non-current assets |
157 |
|
|
143 |
|
Total assets |
$ |
2,192 |
|
|
$ |
2,007 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt |
$ |
54 |
|
|
$ |
57 |
|
Accounts payable |
447 |
|
|
436 |
|
Accrued employee
liabilities |
71 |
|
|
67 |
|
Current lease liabilities |
29 |
|
|
— |
|
Other current liabilities |
161 |
|
|
161 |
|
Total current liabilities |
762 |
|
|
721 |
|
|
|
|
|
Long-term debt |
348 |
|
|
348 |
|
Employee benefits |
252 |
|
|
257 |
|
Non-current lease
liabilities |
139 |
|
|
— |
|
Deferred tax liabilities |
26 |
|
|
23 |
|
Other non-current
liabilities |
72 |
|
|
76 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,338 |
|
|
1,335 |
|
Retained earnings |
1,630 |
|
|
1,609 |
|
Accumulated other comprehensive loss |
(215 |
) |
|
(216 |
) |
Treasury stock |
(2,277 |
) |
|
(2,264 |
) |
Total Visteon Corporation
stockholders’ equity |
477 |
|
|
465 |
|
Non-controlling interests |
116 |
|
|
117 |
|
Total equity |
593 |
|
|
582 |
|
Total liabilities and
equity |
$ |
2,192 |
|
|
$ |
2,007 |
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (Dollars in Millions)(Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
OPERATING |
|
|
|
|
|
|
|
Net income |
$ |
8 |
|
|
$ |
36 |
|
|
$ |
24 |
|
|
$ |
105 |
|
Adjustments to reconcile net
income to net cash provided from operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
24 |
|
|
23 |
|
|
49 |
|
|
45 |
|
Equity in net income of non-consolidated affiliates, net of
dividends remitted |
(3 |
) |
|
(4 |
) |
|
(6 |
) |
|
(7 |
) |
Non-cash stock-based compensation |
6 |
|
|
6 |
|
|
11 |
|
|
— |
|
Operating leases, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
Gains on transactions |
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Other non-cash items |
2 |
|
|
2 |
|
|
5 |
|
|
2 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
15 |
|
|
37 |
|
|
18 |
|
|
85 |
|
Inventories |
8 |
|
|
(8 |
) |
|
(3 |
) |
|
(14 |
) |
Accounts payable |
11 |
|
|
(38 |
) |
|
20 |
|
|
(8 |
) |
Other assets and other liabilities |
(14 |
) |
|
(9 |
) |
|
(57 |
) |
|
(79 |
) |
Net cash provided from
operating activities |
57 |
|
|
45 |
|
|
61 |
|
|
126 |
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
(34 |
) |
|
(25 |
) |
|
(71 |
) |
|
(69 |
) |
Loan repayments from
non-consolidated affiliates |
— |
|
|
— |
|
|
2 |
|
|
2 |
|
Other |
1 |
|
|
— |
|
|
2 |
|
|
1 |
|
Net cash used by investing
activities |
(33 |
) |
|
(25 |
) |
|
(67 |
) |
|
(66 |
) |
FINANCING |
|
|
|
|
|
|
|
Short-term debt, net |
(1 |
) |
|
(4 |
) |
|
(3 |
) |
|
(16 |
) |
Distribution payments |
— |
|
|
— |
|
|
— |
|
|
(14 |
) |
Repurchase of common
stock |
(20 |
) |
|
— |
|
|
(20 |
) |
|
(200 |
) |
Other |
— |
|
|
1 |
|
|
— |
|
|
(3 |
) |
Net cash used by financing
activities |
(21 |
) |
|
(3 |
) |
|
(23 |
) |
|
(233 |
) |
Effect of exchange rate
changes on cash |
— |
|
|
(15 |
) |
|
— |
|
|
(8 |
) |
Net decrease in cash |
3 |
|
|
2 |
|
|
(29 |
) |
|
(181 |
) |
Cash and restricted cash at
beginning of the period |
435 |
|
|
526 |
|
|
467 |
|
|
709 |
|
Cash and restricted cash at
end of the period |
$ |
438 |
|
|
$ |
528 |
|
|
438 |
|
|
528 |
|
The Company has combined cash flows from
discontinued operations and continuing operations within the
operating financing categories.
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,
loss on divestiture, equity in net income of non-consolidated
affiliates, 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 |
|
Six Months Ended |
|
Estimated |
|
June 30 |
|
June 30 |
|
Full Year |
Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
Net income attributable to Visteon Corporation |
$ |
7 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
|
$62 - $77 |
Depreciation and amortization |
24 |
|
|
23 |
|
|
49 |
|
|
45 |
|
|
98 |
|
Provision for income taxes |
8 |
|
|
12 |
|
|
3 |
|
|
33 |
|
|
30 - 35 |
Non-cash, stock-based compensation expense |
6 |
|
|
6 |
|
|
11 |
|
|
— |
|
|
20 |
|
Interest expense, net |
2 |
|
|
2 |
|
|
4 |
|
|
4 |
|
|
9 |
|
Net income attributable to non-controlling interests |
1 |
|
|
1 |
|
|
3 |
|
|
5 |
|
|
7 |
|
Other |
1 |
|
|
— |
|
|
1 |
|
|
(4 |
) |
|
1 |
|
Restructuring expense |
— |
|
|
5 |
|
|
1 |
|
|
10 |
|
|
15 |
|
Loss (income) from discontinued operations, net of tax |
— |
|
|
1 |
|
|
— |
|
|
(1 |
) |
|
— |
|
Equity in net income of non-consolidated affiliates |
(3 |
) |
|
(4 |
) |
|
(6 |
) |
|
(7 |
) |
|
(12) |
|
Adjusted EBITDA |
$ |
46 |
|
|
$ |
81 |
|
|
$ |
87 |
|
|
$ |
185 |
|
|
$230 - $250 |
|
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, including intangibles.
The Company defines Adjusted free cash flow as cash flow provided
from operating activities less capital expenditures, including
intangibles as further adjusted for restructuring 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 |
|
Six Months Ended |
|
Estimated |
|
June 30 |
|
June 30 |
|
Full Year |
Total
Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
Cash provided from operating activities |
$ |
57 |
|
|
$ |
45 |
|
|
$ |
61 |
|
|
$ |
126 |
|
|
$150 - $160 |
Capital expenditures,
including intangibles |
(34 |
) |
|
(25 |
) |
|
(71 |
) |
|
(69 |
) |
|
(145 - 135) |
Free cash flow |
$ |
23 |
|
|
$ |
20 |
|
|
$ |
(10 |
) |
|
$ |
57 |
|
|
$5 - $25 |
Restructuring related
payments |
5 |
|
|
9 |
|
|
8 |
|
|
20 |
|
|
25 |
Adjusted free cash flow |
$ |
28 |
|
|
$ |
29 |
|
|
$ |
(2 |
) |
|
$ |
77 |
|
|
$30 - $50 |
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, other net expenses,
discontinued operations, other gains and losses not reflective of
the Company's ongoing operations and related tax effects. 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 June 30 |
|
Six Months Ended June 30 |
Net income
attributable to Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income |
$ |
7 |
|
|
$ |
36 |
|
|
$ |
21 |
|
|
$ |
99 |
|
Discontinued operations |
— |
|
|
(1 |
) |
|
— |
|
|
1 |
|
Net income attributable to
Visteon |
$ |
7 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Diluted earnings per
share: |
|
|
|
|
|
|
|
Net income attributable to Visteon |
$ |
7 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
Average shares outstanding,
diluted (in millions) |
28.2 |
|
|
29.9 |
|
|
28.2 |
|
|
30.4 |
|
Diluted earnings per
share |
$ |
0.25 |
|
|
$ |
1.17 |
|
|
$ |
0.74 |
|
|
$ |
3.29 |
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share: |
|
|
|
|
|
|
|
Net income attributable to
Visteon |
$ |
7 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
Restructuring, net |
— |
|
|
5 |
|
|
1 |
|
|
10 |
|
Other |
1 |
|
|
— |
|
|
1 |
|
|
(4 |
) |
Income (loss) from
discontinued operations, net of tax |
— |
|
|
1 |
|
|
— |
|
|
(1 |
) |
Adjusted net income |
$ |
8 |
|
|
$ |
41 |
|
|
$ |
23 |
|
|
$ |
105 |
|
Average shares outstanding,
diluted (in millions) |
28.2 |
|
|
29.9 |
|
|
28.2 |
|
|
30.4 |
|
Adjusted earnings per
share |
$ |
0.28 |
|
|
$ |
1.37 |
|
|
$ |
0.82 |
|
|
$ |
3.45 |
|
|
|
|
|
|
|
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 internal planning
and forecasting purposes.
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