Visteon Corporation (NASDAQ: VC) today announced that despite a
drastic market downturn in the second quarter, the company's sales
outperformed production volumes at Visteon's top customers by five
percentage points. The company’s sales outperformed industry
production volumes in Europe and China, driven by new product
launches and improved take rates.
Second-quarter 2020 sales were $371 million,
gross margin during the same period was $4 million, and net loss
attributable to Visteon was $45 million. Adjusted EBITDA, a
non-GAAP measure as defined below, was a loss of $3 million for the
second quarter of 2020. Adjusted EBITDA was impacted by lower sales
volume, primarily due to COVID-19 and partially offset by strong
cost-reduction actions, resulting in adjusted EBITDA decremental
margin1 of 15%.
The company actively managed cash and liquidity,
reduced operational costs, strengthened commercial discipline and
aligned supply chain and manufacturing to lower demand. These
actions are positioning the company to not only weather the storm
but emerge stronger as industry volumes recover.
“Visteon took decisive actions in the second
quarter to reduce its cost base in response to decreased automotive
industry activity,” said President and CEO Sachin Lawande. “Despite
the challenging environment, we launched 21 new products during the
first half of the year, including all-digital clusters, a new
Android-based infotainment system and large displays. We also won
$1.7 billion in new business in the first half, which will position
us for continued market outperformance in the future."
The company continued to execute on its growth
strategy in the second quarter by launching 8 new products,
including its infotainment solution in the VW Nivus, a new
coupe-style SUV for the Brazil market. The new model debuts VW Play
– a pioneering infotainment system for enhanced in-car
connectivity, streaming and other services supported by Visteon.
Other key launches include a 12-inch digital cluster with Toyota,
the company's first with this OEM, and a 12-inch digital cluster
for the Nissan Rogue compact SUV.
The company won more than $900 million of new
business during the quarter. Key wins include a multi-display
module with a 12-inch and 27-inch display for a Chinese OEM, a
SmartCore™-based cockpit domain controller for a different Chinese
OEM, and a 10-inch touch screen center display for a Japanese
OEM.
As of June 30, 2020, Visteon had cash of $759
million and debt of $770 million with no significant near-term debt
maturities.
For the first half of 2020, cash used by
operations was $13 million and capital expenditures were $65
million. Adjusted free cash flow, a non-GAAP financial measure, for
the first half of 2020 was a use of cash of $66 million, compared
to a use of cash of $2 million for the same period in the prior
year.
The company had 27.8 million diluted shares of
common stock outstanding as of June 30, 2020.
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, and 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 2019.
Learn more at www.visteon.com.
Conference Call and
Presentation
Today, Thursday, July 30, 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: 866-411-5196 Outside
U.S./Canada: 970-297-2404Conference ID: 2369176
(Call approximately 15 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 dialing855-859-2056
(toll-free from the U.S. and Canada) or 404-537-3406
(international). The conference ID for the phone replay is 2369176.
The phone replay will be available for one week following the
conference call.
__1 Adjusted EBITDA decremental margin, a
non-GAAP measure, is defined as the year-over-year change in
adjusted EBITDA divided by the year-over-year change in net sales,
and excludes $5 million of operational challenges that impacted
second-quarter 2019 adjusted EBITDA.
Use of Non-GAAP Financial Information Because
not all companies use identical calculations, adjusted gross
margin, adjusted SG&A, adjusted EBITDA, adjusted EBTIDA
decremental margin, adjusted net income, adjusted EPS, free cash
flow and adjusted free cash flow used throughout this press release
may not be comparable to other similarly titled measures of other
companies.
The company has withdrawn its financial guidance and, due to the
continued uncertainty of market conditions, will not be providing
revised guidance until there is better clarity regarding the
COVID-19 impact.
In order to provide the forward-looking non-GAAP
financial measures for full-year 2020, the company is providing
reconciliations to the most directly comparable GAAP financial
measures on the subsequent slides. The provision of these
comparable GAAP financial measures is not intended to indicate that
the company 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.
Forward-looking Information
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "will," "may," "designed to,"
"outlook," "believes," "should," "anticipates," "plans," "expects,"
"intends," "estimates," "forecasts" and similar expressions
identify certain of these forward-looking statements.
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:
- continued and future impacts of the
coronavirus (COVID-19) pandemic on our financial condition and
business operations including global supply chain disruptions,
market downturns, reduced consumer demand and new government
actions or restrictions;
- 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, including work
stoppages at our customers, 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;
- our ability to execute on our
transformational plans and cost-reduction initiatives in the
amounts and on the timing contemplated;
- 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;
- our ability to satisfy pension and
other post-employment benefit obligations;
- our ability to access funds
generated by foreign subsidiaries and joint ventures on a timely
and cost-effective basis;
- general economic conditions,
including changes in interest rates and fuel prices; the timing and
expenses related to internal restructurings, employee reductions,
acquisitions or dispositions and the effect of pension and other
post-employment benefit obligations;
- 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
- those factors identified in our
filings with the SEC (including our Annual Report on Form 10-K for
the fiscal year ended December 31, 2019, as updated by our
subsequent filings with the Securities and Exchange
Commission).
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 press 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, 2020. New business wins, re-wins 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.
Follow Visteon:
https://www.linkedin.com/company/visteon/?trk=vsrp_companies_res_photo&trkInfo=VSRPsearchId:522343161373310041683,VSRPtargetId:2865,VSRPcmpt:primaryhttps://twitter.com/visteonhttps://www.facebook.com/VisteonCorporationhttps://www.youtube.com/user/Visteonhttp://www.slideshare.net/VisteonCorporationhttps://www.instagram.com/visteon/https://mp.weixin.qq.com/?lang=en_UShttps://m.weibo.cn/u/6605315328http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0
Contacts:
Media:
Dave Barthmuss805-660-1914dave.barthmuss@visteon.com
Investors:
Kris Doyle201-247-3050kdoyle@visteon.com
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)(In millions, except per share
data) (Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net sales |
$ |
371 |
|
|
$ |
733 |
|
|
$ |
1,014 |
|
|
$ |
1,470 |
|
Cost of
sales |
(367 |
) |
|
(663 |
) |
|
(957 |
) |
|
(1,334 |
) |
Gross margin |
4 |
|
|
70 |
|
|
57 |
|
|
136 |
|
Selling, general
and administrative expenses |
(41 |
) |
|
(58 |
) |
|
(95 |
) |
|
(115 |
) |
Restructuring
expense, net |
(4 |
) |
|
— |
|
|
(37 |
) |
|
(1 |
) |
Interest expense,
net |
(3 |
) |
|
(2 |
) |
|
(5 |
) |
|
(4 |
) |
Equity in net
income of non-consolidated affiliates |
1 |
|
|
3 |
|
|
2 |
|
|
6 |
|
Other income,
net |
3 |
|
|
3 |
|
|
7 |
|
|
5 |
|
Income (loss)
before income taxes |
(40 |
) |
|
16 |
|
|
(71 |
) |
|
27 |
|
Provision for
income taxes |
(2 |
) |
|
(8 |
) |
|
(7 |
) |
|
(3 |
) |
Net income
(loss) |
(42 |
) |
|
8 |
|
|
(78 |
) |
|
24 |
|
Net income
attributable to non-controlling interests |
(3 |
) |
|
(1 |
) |
|
(2 |
) |
|
(3 |
) |
Net income (loss)
attributable to Visteon Corporation |
$ |
(45 |
) |
|
$ |
7 |
|
|
$ |
(80 |
) |
|
$ |
21 |
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss) |
$ |
(37 |
) |
|
$ |
4 |
|
|
$ |
(110 |
) |
|
$ |
25 |
|
Comprehensive
income (loss) attributable to Visteon Corporation |
$ |
(40 |
) |
|
$ |
4 |
|
|
$ |
(112 |
) |
|
$ |
22 |
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share attributable to Visteon Corporation |
$ |
(1.62 |
) |
|
$ |
0.25 |
|
|
$ |
(2.87 |
) |
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share attributable to Visteon Corporation |
$ |
(1.62 |
) |
|
$ |
0.25 |
|
|
$ |
(2.87 |
) |
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
Average shares
outstanding (in millions) |
|
|
|
|
|
|
|
Basic |
27.8 |
|
|
28.1 |
|
|
27.9 |
|
|
28.1 |
|
Diluted |
27.8 |
|
|
28.2 |
|
|
27.9 |
|
|
28.2 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions)
|
(Unaudited) |
|
|
|
June 30 |
|
December 31 |
|
2020 |
|
2019 |
ASSETS |
|
|
|
Cash and
equivalents |
$ |
755 |
|
|
$ |
466 |
|
Restricted
cash |
4 |
|
|
3 |
|
Accounts
receivable, net |
334 |
|
|
514 |
|
Inventories,
net |
170 |
|
|
169 |
|
Other current
assets |
163 |
|
|
193 |
|
Total current
assets |
1,426 |
|
|
1,345 |
|
|
|
|
|
Property and
equipment, net |
416 |
|
|
436 |
|
Intangible
assets, net |
125 |
|
|
127 |
|
Right-of-use
assets |
157 |
|
|
165 |
|
Investments in
non-consolidated affiliates |
50 |
|
|
48 |
|
Other non-current
assets |
146 |
|
|
150 |
|
Total assets |
$ |
2,320 |
|
|
$ |
2,271 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Short-term
debt |
$ |
22 |
|
|
$ |
37 |
|
Accounts
payable |
332 |
|
|
511 |
|
Accrued employee
liabilities |
59 |
|
|
73 |
|
Current lease
liability |
29 |
|
|
30 |
|
Other current
liabilities |
156 |
|
|
147 |
|
Total current
liabilities |
598 |
|
|
798 |
|
|
|
|
|
Long-term debt,
net |
748 |
|
|
348 |
|
Employee
benefits |
281 |
|
|
292 |
|
Non-current lease
liability |
135 |
|
|
139 |
|
Deferred tax
liabilities |
28 |
|
|
27 |
|
Other non-current
liabilities |
62 |
|
|
72 |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,341 |
|
|
1,342 |
|
Retained earnings |
1,599 |
|
|
1,679 |
|
Accumulated other comprehensive loss |
(299 |
) |
|
(267 |
) |
Treasury stock |
(2,284 |
) |
|
(2,275 |
) |
Total Visteon
Corporation stockholders’ equity |
358 |
|
|
480 |
|
Non-controlling
interests |
110 |
|
|
115 |
|
Total equity |
468 |
|
|
595 |
|
Total liabilities
and equity |
$ |
2,320 |
|
|
$ |
2,271 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions) (Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
OPERATING |
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(42 |
) |
|
$ |
8 |
|
|
$ |
(78 |
) |
|
$ |
24 |
|
Adjustments to
reconcile net income (loss) to net cash provided from (used by)
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
25 |
|
|
24 |
|
|
50 |
|
|
49 |
|
Non-cash stock-based compensation |
4 |
|
|
6 |
|
|
9 |
|
|
11 |
|
Equity in net income (loss) of non-consolidated affiliates, net of
dividends remitted |
(1 |
) |
|
(3 |
) |
|
(2 |
) |
|
(6 |
) |
Other non-cash items |
(4 |
) |
|
2 |
|
|
2 |
|
|
5 |
|
Changes in assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
68 |
|
|
15 |
|
|
170 |
|
|
18 |
|
Inventories |
11 |
|
|
8 |
|
|
(5 |
) |
|
(3 |
) |
Accounts payable |
(107 |
) |
|
11 |
|
|
(149 |
) |
|
20 |
|
Other assets and other liabilities |
8 |
|
|
(14 |
) |
|
(10 |
) |
|
(57 |
) |
Net cash provided
from (used by) operating activities |
(38 |
) |
|
57 |
|
|
(13 |
) |
|
61 |
|
INVESTING |
|
|
|
|
|
|
|
Capital
expenditures, including intangibles |
(21 |
) |
|
(34 |
) |
|
(65 |
) |
|
(71 |
) |
Loan repayments
from non-consolidated affiliates |
— |
|
|
— |
|
|
2 |
|
|
2 |
|
Other |
5 |
|
|
1 |
|
|
6 |
|
|
2 |
|
Net cash used by
investing activities |
(16 |
) |
|
(33 |
) |
|
(57 |
) |
|
(67 |
) |
FINANCING |
|
|
|
|
|
|
|
Borrowings on
revolving credit facility |
— |
|
|
— |
|
|
400 |
|
|
— |
|
Repurchase of
common stock |
— |
|
|
(20 |
) |
|
(16 |
) |
|
(20 |
) |
Dividends paid to
non-controlling interests |
— |
|
|
— |
|
|
(7 |
) |
|
— |
|
Short-term debt
repayments, net |
(14 |
) |
|
(1 |
) |
|
(14 |
) |
|
(3 |
) |
Net cash provided
from (used by) financing activities |
(14 |
) |
|
(21 |
) |
|
363 |
|
|
(23 |
) |
Effect of
exchange rate changes on cash |
2 |
|
|
— |
|
|
(3 |
) |
|
— |
|
Net increase
(decrease) in cash |
(66 |
) |
|
3 |
|
|
290 |
|
|
(29 |
) |
Cash and
restricted cash at beginning of the period |
825 |
|
|
435 |
|
|
469 |
|
|
467 |
|
Cash and
restricted cash at end of the period |
$ |
759 |
|
|
$ |
438 |
|
|
$ |
759 |
|
|
$ |
438 |
|
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(Unaudited, 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 |
|
June 30 |
|
June 30 |
Visteon: |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss)
attributable to Visteon Corporation |
$ |
(45 |
) |
|
$ |
7 |
|
|
$ |
(80 |
) |
|
$ |
21 |
|
Depreciation and amortization |
25 |
|
|
24 |
|
|
50 |
|
|
49 |
|
Provision
for income taxes |
2 |
|
|
8 |
|
|
7 |
|
|
3 |
|
Non-cash,
stock-based compensation expense |
4 |
|
|
6 |
|
|
9 |
|
|
11 |
|
Interest
expense, net |
3 |
|
|
2 |
|
|
5 |
|
|
4 |
|
Net income
attributable to non-controlling interests |
3 |
|
|
1 |
|
|
2 |
|
|
3 |
|
Restructuring expense, net |
4 |
|
|
— |
|
|
37 |
|
|
1 |
|
Equity in
net income of non-consolidated affiliates |
(1 |
) |
|
(3 |
) |
|
(2 |
) |
|
(6 |
) |
Other |
2 |
|
|
1 |
|
|
2 |
|
|
1 |
|
Adjusted
EBITDA |
$ |
(3 |
) |
|
$ |
46 |
|
|
$ |
30 |
|
|
$ |
87 |
|
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 |
|
June 30 |
|
June 30 |
Total
Visteon: |
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash provided
from (used by) operating activities |
$ |
(38 |
) |
|
$ |
57 |
|
|
$ |
(13 |
) |
|
$ |
61 |
|
Capital
expenditures, including intangibles |
(21 |
) |
|
(34 |
) |
|
(65 |
) |
|
(71 |
) |
Free cash
flow |
$ |
(59 |
) |
|
$ |
23 |
|
|
$ |
(78 |
) |
|
$ |
(10 |
) |
Restructuring
related payments |
7 |
|
|
5 |
|
|
12 |
|
|
8 |
|
Adjusted free
cash flow |
$ |
(52 |
) |
|
$ |
28 |
|
|
$ |
(66 |
) |
|
$ |
(2 |
) |
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,
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 |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) attributable to Visteon |
$ |
(45 |
) |
|
$ |
7 |
|
|
$ |
(80 |
) |
|
$ |
21 |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Diluted
earnings per share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Visteon |
$ |
(45 |
) |
|
$ |
7 |
|
|
$ |
(80 |
) |
|
$ |
21 |
|
Average shares
outstanding, diluted (in millions) |
27.8 |
|
|
28.2 |
|
|
27.9 |
|
|
28.2 |
|
Diluted earnings
(loss) per share |
$ |
(1.62 |
) |
|
$ |
0.25 |
|
|
$ |
(2.87 |
) |
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share: |
|
|
|
|
|
|
|
Net income (loss)
attributable to Visteon |
$ |
(45 |
) |
|
$ |
7 |
|
|
$ |
(80 |
) |
|
$ |
21 |
|
Restructuring,
net |
4 |
|
|
— |
|
|
37 |
|
|
1 |
|
Other |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
Adjusted net
income (loss) |
$ |
(40 |
) |
|
$ |
8 |
|
|
$ |
(42 |
) |
|
$ |
23 |
|
Average shares
outstanding, diluted (in millions) |
27.8 |
|
|
28.2 |
|
|
27.9 |
|
|
28.2 |
|
Adjusted earnings
(loss) per share |
$ |
(1.44 |
) |
|
$ |
0.28 |
|
|
$ |
(1.51 |
) |
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
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.
Visteon (NASDAQ:VC)
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