Visteon Corporation (NASDAQ: VC) today announced second-quarter net
sales of $610 million, representing a year-over-year increase of
59% excluding the impact of currency. Total industry production
increased 49% while Visteon’s top customer production increased 55%
in the same period. The company's sales performance represents a
4%1 growth-over-market compared to the production volumes of its
customers.
Gross margin in the second quarter was $35 million, and net loss
attributable to Visteon was $11 million or $0.39 per diluted share.
Adjusted EBITDA, a non-GAAP measure as defined below, was $30
million for the second quarter or 4.9% of sales, an increase of $33
million compared to the prior year. Improvements in adjusted EBITDA
margin were largely driven by higher volume, cost efficiencies
initiated in 2020, and higher engineering recoveries. Incremental
supply chain costs related to semiconductor shortages and the
reversal of temporary austerity measures taken last year in
response to the pandemic partially offset some of these
improvements.
The company won $3.2 billion in new business during the first
half of the year. This includes a $640 million second-quarter
expansion of a previously awarded digital cluster program, bringing
total lifetime value for that program to $1.5 billion. The company
also increased its presence in the two-wheeler market by adding a
fourth customer for an all-digital cluster featuring embedded
connectivity – a win that reflects the digital-cockpit
transformation underway in the motorcycle category similar to what
is occurring with passenger vehicles.
Visteon launched seven new products in the second quarter, and
remains on track to deliver approximately 50 new programs for the
full year. Second quarter launch highlights include a
next-generation 3D high-definition digital cluster for Peugeot, and
the introduction of the company's connected Android-based
infotainment system on vehicles manufactured by Skoda and Geely.
The infotainment system provides enhanced in-car connectivity,
streaming, over-the-air updates and other services.
For the first half, cash generated by operations was $1 million
and capital expenditures were $33 million. Adjusted free cash flow,
a non-GAAP financial measure as defined below, for the first half
of 2021 was a use of cash of $7 million, compared to a use of cash
of $66 million for the same period in 2020. The company ended the
second quarter with cash of $470 million and debt of $355 million,
representing a net cash position of $115 million.
“The strength of Visteon’s digital product portfolio supports
the industry trends of digitalization and connectivity and has led
to our continued market outperformance even in a supply constrained
environment,” said President and CEO Sachin Lawande. “The continued
strength of our new business wins, product launch cadence and focus
on sustainable business practices have built the foundation for our
company’s continued long-term growth.”
__________________1 Excludes Y/Y impact of currency
fluctuations
About Visteon
Visteon is a technology leader in automotive electronics
dedicated to creating a more enjoyable, connected and safe driving
experience. Our platforms leverage proven, scalable hardware and
software solutions that enable the digital, electric and autonomous
evolution of our global automotive customers. Visteon products
align with key industry trends and include digital instrument
clusters, displays, Android-based infotainment systems, domain
controllers, advanced driver assistance systems (ADAS) and battery
management systems. Visteon reported net sales of approximately
$2.5 billion and booked $4.6 billion of new business in 2020. Learn
more at https://investors.visteon.com/.
Conference Call and
Presentation
Today, Thursday, July 29, 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: 844-535-3468 Outside U.S./Canada:
720-405-0988Conference ID: 4687199
(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 4687199. The phone replay will be available
for one week following the conference call.
__
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted
EBITDA, 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.
In order to provide the forward-looking non-GAAP financial
measures for full-year 2021, the company provides 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;
- significant or prolonged shortage of critical components from
our suppliers, including but not limited to semiconductors, and
particularly those who are our sole or primary sources;
- 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 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;
- changes in laws, regulations, policies or other activities of
governments, agencies and similar organizations, domestic and
foreign, that may tax or otherwise increase the cost of, or
otherwise affect, the manufacture, licensing, distribution, sale,
ownership or use of our products or assets; 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, 2020, 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 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, 2021. New business wins and re-wins 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.
Follow Visteon:
https://www.linkedin.com/company/visteon https://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
Visteon Contacts:
Media: |
Investors: |
|
|
Dave Barthmuss |
Kris Doyle |
805-660-1914 |
201-247-3050 |
dave.barthmuss@visteon.com |
kdoyle@visteon.com |
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)(In millions except per share
amounts) (Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net sales |
$ |
610 |
|
|
$ |
371 |
|
|
$ |
1,356 |
|
|
$ |
1,014 |
|
Cost of sales |
(575 |
) |
|
(367 |
) |
|
(1,248 |
) |
|
(957 |
) |
Gross margin |
35 |
|
|
4 |
|
|
108 |
|
|
57 |
|
Selling, general and
administrative expenses |
(44 |
) |
|
(41 |
) |
|
(89 |
) |
|
(95 |
) |
Restructuring, net |
(1 |
) |
|
(4 |
) |
|
— |
|
|
(37 |
) |
Interest expense, net |
(2 |
) |
|
(3 |
) |
|
(4 |
) |
|
(5 |
) |
Equity in net income of
non-consolidated affiliates |
— |
|
|
1 |
|
|
— |
|
|
2 |
|
Other income, net |
5 |
|
|
3 |
|
|
9 |
|
|
7 |
|
Income (loss) before income
taxes |
(7 |
) |
|
(40 |
) |
|
24 |
|
|
(71 |
) |
Provision for income
taxes |
(4 |
) |
|
(2 |
) |
|
(16 |
) |
|
(7 |
) |
Net income (loss) |
(11 |
) |
|
(42 |
) |
|
8 |
|
|
(78 |
) |
Less: Net (income) loss
attributable to non-controlling interests |
— |
|
|
(3 |
) |
|
(3 |
) |
|
(2 |
) |
Net income (loss) attributable
to Visteon Corporation |
$ |
(11 |
) |
|
$ |
(45 |
) |
|
$ |
5 |
|
|
$ |
(80 |
) |
|
|
|
|
|
|
|
|
Comprehensive income
(loss) |
$ |
8 |
|
|
$ |
(37 |
) |
|
$ |
9 |
|
|
$ |
(110 |
) |
Less: Comprehensive (income)
loss attributable to non-controlling interests |
(3 |
) |
|
(3 |
) |
|
(5 |
) |
|
(2 |
) |
Comprehensive income (loss)
attributable to Visteon Corporation |
$ |
5 |
|
|
$ |
(40 |
) |
|
$ |
4 |
|
|
$ |
(112 |
) |
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share attributable to Visteon Corporation |
$ |
(0.39 |
) |
|
$ |
(1.62 |
) |
|
$ |
0.18 |
|
|
$ |
(2.87 |
) |
|
|
|
|
|
|
|
|
Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
Basic |
28.0 |
|
|
27.8 |
|
|
27.9 |
|
|
27.9 |
|
Diluted |
28.0 |
|
|
27.8 |
|
|
28.3 |
|
|
27.9 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions)
|
(Unaudited) |
|
|
|
June 30, |
|
December 31, |
|
2021 |
|
2020 |
ASSETS |
|
|
|
Cash and equivalents |
$ |
466 |
|
|
$ |
496 |
|
Restricted cash |
4 |
|
|
4 |
|
Accounts receivable, net |
426 |
|
|
484 |
|
Inventories, net |
210 |
|
|
177 |
|
Other current assets |
138 |
|
|
180 |
|
Total current assets |
1,244 |
|
|
1,341 |
|
|
|
|
|
Property and equipment,
net |
410 |
|
|
436 |
|
Intangible assets, net |
122 |
|
|
127 |
|
Right-of-use assets |
157 |
|
|
172 |
|
Investments in
non-consolidated affiliates |
63 |
|
|
60 |
|
Other non-current assets |
126 |
|
|
135 |
|
Total assets |
$ |
2,122 |
|
|
$ |
2,271 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt |
$ |
6 |
|
|
$ |
— |
|
Accounts payable |
427 |
|
|
500 |
|
Accrued employee
liabilities |
70 |
|
|
83 |
|
Current lease liability |
31 |
|
|
32 |
|
Other current liabilities |
221 |
|
|
209 |
|
Total current liabilities |
755 |
|
|
824 |
|
|
|
|
|
Long-term debt, net |
349 |
|
|
349 |
|
Employee benefits |
298 |
|
|
322 |
|
Non-current lease
liability |
132 |
|
|
146 |
|
Deferred tax liabilities |
28 |
|
|
28 |
|
Other non-current
liabilities |
73 |
|
|
92 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,341 |
|
|
1,348 |
|
Retained earnings |
1,628 |
|
|
1,623 |
|
Accumulated other comprehensive loss |
(305 |
) |
|
(304 |
) |
Treasury stock |
(2,271 |
) |
|
(2,281 |
) |
Total Visteon Corporation
stockholders’ equity |
394 |
|
|
387 |
|
Non-controlling interests |
93 |
|
|
123 |
|
Total equity |
487 |
|
|
510 |
|
Total liabilities and
equity |
$ |
2,122 |
|
|
$ |
2,271 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions) (Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
OPERATING |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(11 |
) |
|
$ |
(42 |
) |
|
$ |
8 |
|
|
$ |
(78 |
) |
Adjustments to reconcile net
income (loss) to net cash provided from (used by) operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
28 |
|
|
25 |
|
|
55 |
|
|
50 |
|
Non-cash stock-based compensation |
5 |
|
|
4 |
|
|
9 |
|
|
9 |
|
Equity in net income (loss) of non-consolidated affiliates, net of
dividends remitted |
— |
|
|
(1 |
) |
|
— |
|
|
(2 |
) |
Other non-cash items |
2 |
|
|
(4 |
) |
|
3 |
|
|
2 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
47 |
|
|
68 |
|
|
51 |
|
|
170 |
|
Inventories |
(18 |
) |
|
11 |
|
|
(35 |
) |
|
(5 |
) |
Accounts payable |
(68 |
) |
|
(107 |
) |
|
(66 |
) |
|
(149 |
) |
Other assets and other liabilities |
5 |
|
|
8 |
|
|
(24 |
) |
|
(10 |
) |
Net cash provided from (used by) operating activities |
(10 |
) |
|
(38 |
) |
|
1 |
|
|
(13 |
) |
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
(15 |
) |
|
(21 |
) |
|
(33 |
) |
|
(65 |
) |
Contributions to equity method
investments |
(2 |
) |
|
— |
|
|
(2 |
) |
|
— |
|
Loan repayments from
non-consolidated affiliates |
— |
|
|
— |
|
|
2 |
|
|
2 |
|
Other |
1 |
|
|
5 |
|
|
2 |
|
|
6 |
|
Net cash used by investing
activities |
(16 |
) |
|
(16 |
) |
|
(31 |
) |
|
(57 |
) |
FINANCING |
|
|
|
|
|
|
|
Borrowings on revolving credit
facility |
— |
|
|
— |
|
|
— |
|
|
400 |
|
Repurchase of common
stock |
— |
|
|
— |
|
|
— |
|
|
(16 |
) |
Dividends paid to
non-controlling interests |
(1 |
) |
|
— |
|
|
(1 |
) |
|
(7 |
) |
Short-term debt, net |
6 |
|
|
(14 |
) |
|
6 |
|
|
(14 |
) |
Other |
1 |
|
|
— |
|
|
1 |
|
|
— |
|
Net cash provided from (used
by) financing activities |
6 |
|
|
(14 |
) |
|
6 |
|
|
363 |
|
Effect of exchange rate
changes on cash |
4 |
|
|
2 |
|
|
(6 |
) |
|
(3 |
) |
Net (decrease) increase in
cash, equivalents, and restricted cash |
(16 |
) |
|
(66 |
) |
|
(30 |
) |
|
290 |
|
Cash, equivalents, and
restricted cash at beginning of the period |
486 |
|
|
825 |
|
|
500 |
|
|
469 |
|
Cash, equivalents, and
restricted cash at end of the period |
$ |
470 |
|
|
$ |
759 |
|
|
$ |
470 |
|
|
$ |
759 |
|
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In millions except per share amounts)
(Unaudited)
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: |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) attributable to Visteon Corporation |
$ |
(11 |
) |
|
$ |
(45 |
) |
|
$ |
5 |
|
|
$ |
(80 |
) |
Depreciation and amortization |
28 |
|
|
25 |
|
|
55 |
|
|
50 |
|
Provision for income taxes |
4 |
|
|
2 |
|
|
16 |
|
|
7 |
|
Non-cash, stock-based compensation expense |
5 |
|
|
4 |
|
|
9 |
|
|
9 |
|
Interest expense, net |
2 |
|
|
3 |
|
|
4 |
|
|
5 |
|
Net income (loss) attributable to non-controlling interests |
— |
|
|
3 |
|
|
3 |
|
|
2 |
|
Restructuring, net |
1 |
|
|
4 |
|
|
— |
|
|
37 |
|
Equity in net income of non-consolidated affiliates |
— |
|
|
(1 |
) |
|
— |
|
|
(2 |
) |
Other |
1 |
|
|
2 |
|
|
2 |
|
|
2 |
|
Adjusted EBITDA |
$ |
30 |
|
|
$ |
(3 |
) |
|
$ |
94 |
|
|
$ |
30 |
|
|
|
|
|
|
|
|
|
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.
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In millions except per share amounts)
(Unaudited)
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.
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, |
Visteon: |
2021 |
|
2020 |
|
2021 |
|
2020 |
Cash provided from (used by) operating activities |
$ |
(10 |
) |
|
$ |
(38 |
) |
|
$ |
1 |
|
|
$ |
(13 |
) |
Capital expenditures,
including intangibles |
(15 |
) |
|
(21 |
) |
|
(33 |
) |
|
(65 |
) |
Free cash flow |
$ |
(25 |
) |
|
$ |
(59 |
) |
|
$ |
(32 |
) |
|
$ |
(78 |
) |
Restructuring related
payments |
9 |
|
|
7 |
|
|
25 |
|
|
12 |
|
Adjusted free cash flow |
$ |
(16 |
) |
|
$ |
(52 |
) |
|
$ |
(7 |
) |
|
$ |
(66 |
) |
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.
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In millions except per share amounts)
(Unaudited)
Adjusted Net Income (Loss) and Adjusted
Earnings (Loss) 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, net, 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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) attributable to Visteon |
$ |
(11 |
) |
|
$ |
(45 |
) |
|
$ |
5 |
|
|
$ |
(80 |
) |
|
|
|
|
|
|
|
|
Diluted earnings per
share: |
|
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
(11 |
) |
|
$ |
(45 |
) |
|
$ |
5 |
|
|
$ |
(80 |
) |
Average shares outstanding,
diluted |
28.0 |
|
|
27.8 |
|
|
|
28.3 |
|
|
27.9 |
|
Diluted earnings (loss) per
share |
$ |
(0.39 |
) |
|
$ |
(1.62 |
) |
|
$ |
0.18 |
|
|
$ |
(2.87 |
) |
|
|
|
|
|
|
|
|
Adjusted net income
(loss) and adjusted earnings (loss) per
share: |
|
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
(11 |
) |
|
$ |
(45 |
) |
|
$ |
5 |
|
|
$ |
(80 |
) |
Restructuring, net |
1 |
|
|
4 |
|
|
|
— |
|
|
37 |
|
Other, including tax effects
of adjustments |
1 |
|
|
1 |
|
|
|
2 |
|
|
1 |
|
Adjusted net income
(loss) |
$ |
(9 |
) |
|
$ |
(40 |
) |
|
$ |
7 |
|
|
$ |
(42 |
) |
Average shares outstanding,
diluted |
28.0 |
|
|
27.8 |
|
|
|
28.3 |
|
|
27.9 |
|
Adjusted earnings (loss) per
share |
$ |
(0.32 |
) |
|
$ |
(1.44 |
) |
|
$ |
0.25 |
|
|
$ |
(1.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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