VAN BUREN TOWNSHIP, Mich.,
May 7, 2015 /PRNewswire/ --
- Solid financial performance
- Sales of $2.0
billion
- Adjusted EBITDA of $189
million; net income of $50
million
- Electronics & Corporate adjusted EBITDA of
$84 million
- Cash from operations of $173
million
- Increased full-year 2015 guidance for Electronics and
Corporate adjusted EBITDA and adjusted free cash flow
- Reflects improved performance partially offset by
unfavorable currency
- Sale of ownership interest in Halla Visteon Climate
Control expected by end of second quarter, sharpening focus on
high-growth cockpit electronics business
Visteon Corporation (NYSE: VC) today announced first-quarter
2015 results, reporting sales of $2.03
billion and net income attributable to Visteon of
$50 million, or $1.10 per diluted share. Adjusted EBITDA, a
non-GAAP financial measure as defined below, was $189 million, compared with $161 million in the same period last year.
![Visteon Corporation Logo Visteon Corporation Logo](http://photos.prnewswire.com/prnvar/20001201/DEF008LOGO)
"We achieved strong quarterly adjusted EBITDA on the fundamental
strength of our cockpit electronics businesses in a positive
overall market, combined with benefits from engineering synergies
and manufacturing costs," said Tim
Leuliette, president and CEO. "We continue to realize value
for our customers and shareholders through the ongoing integration
of the former Johnson Controls electronics business. With the
upcoming sale of our ownership interest in Halla Visteon Climate
Control Corp., we will be singularly focused on our profitable,
technology-focused electronics business, where we are
well-positioned to capitalize on dynamic growth of the connected
vehicle ecosystem."
Cash from operating activities in the first quarter totaled
$173 million, compared with
$96 million from the same period in
2014. Adjusted free cash flow, a non-GAAP financial measure as
defined below, was $139 million for
the first quarter of 2015.
First Quarter in Review
Visteon reported first-quarter sales of $2.03 billion, an increase of $311 million compared with the same quarter a
year earlier. Hyundai-Kia accounted for approximately 31 percent of
those sales and Ford Motor Company 26 percent. On a regional basis,
Asia accounted for 48 percent of
sales; Europe 29 percent;
North America 21 percent; and
South America 2 percent. An
additional $22 million of sales was
classified as discontinued operations.
Electronics sales totaled $781
million, an increase of $342
million from the first quarter last year. The increase
is primarily attributable to the acquisition of the global
automotive electronics business of Johnson Controls Inc., effective
July 1, 2014. Climate sales of
$1,240 million were $28 million lower year-over-year. The decrease
reflected unfavorable currency, partially offset by higher
volumes.
Gross margin for the first quarter of 2015 was $212 million, compared with $179 million a year earlier. Selling, general and
administrative (SG&A) expenses were $96
million, or 4.7 percent of sales, for the first quarter of
2015, compared with $81 million, or
4.7 percent of sales, a year earlier. Year-over-year results for
gross margin and SG&A were both impacted by the Johnson
Controls electronics acquisition. The $33
million increase in gross margin also included higher sales
volume and new business impacts, along with cost efficiencies,
partially offset by the impact of unfavorable currency.
Adjusted EBITDA for the first quarter of 2015 was $189 million, compared with $161 million for the same period a year earlier,
primarily reflecting the impact of the JCI electronics acquisition,
favorable volume and new business, and positive cost performance,
partially offset by currency impacts.
For the first quarter of 2015, the company reported net income
attributable to Visteon of $50
million, or earnings per share of $1.10 per diluted share. First-quarter net income
included an income tax benefit of $33
million related to favorable audit developments, a loss of
$23 million related to discontinued
operations, and $18 million of
restructuring, transformation and integration costs. Adjusted net
income, which excluded restructuring and other transaction costs,
was $93 million, or $2.04 per diluted share.
Sale of Ownership Interest in Halla Visteon Climate
Control
During the first quarter, Visteon received all antitrust
approvals required for the previously announced sale of its
approximate 70 percent ownership interest in Halla Visteon Climate
Control Corp. (HVCC) to an affiliate of Hahn & Company – a
South Korea-based private equity
company – and Hankook Tire Co. Ltd. Completion of the transaction
is subject to, among other things, the approval of Visteon's
shareholders at a special meeting May
18. Assuming shareholder approval is received, Visteon
expects the transaction to be completed by the end of the second
quarter of 2015.
Cash and Debt Balances
As of March 31, 2015, Visteon had
global cash balances totaling $916
million. Total debt as of March
31 was $957 million.
Included in the balances was HVCC cash of $462 million and HVCC debt of $346 million.
For the first quarter of 2015, Visteon generated $173 million of cash from operations, compared
with $96 million in the same period a
year earlier. Capital expenditures in the quarter were $55 million, $3
million higher than the first quarter of 2014. Adjusted free
cash flow was $139 million in the
quarter, compared with $64 million
generated in the first quarter of 2014. Visteon generated
$12 million of cash from operations
related to the Electronics Product Group and Corporate costs.
Electronics capital expenditures totaled $23
million, and adjusted free cash flow for Electronics and
Corporate totaled $6 million in the
quarter, which includes a $33 million
seasonal investment in working capital.
Full-Year 2015 Outlook
Visteon adjusted its full-year 2015 guidance for its key
financial metrics to reflect improved performance despite the
negative impact of currency movements. The company projects 2015
sales for the Electronics Product Group of $3.0 billion. Adjusted EBITDA for the Electronics
Product Group and Corporate costs is projected in the range of
$245 million to $265 million.
Adjusted free cash flow, as defined below, for the Electronics
Product Group and Corporate costs is projected in the range of
$40 million to $80 million.
About Visteon
Visteon is a global company that designs, engineers and
manufactures innovative products for nearly every vehicle
manufacturer worldwide. Visteon currently delivers value for its
customers and shareholders through two technology-focused
businesses: vehicle cockpit electronics and thermal management.
Visteon currently owns 70 percent of Halla Visteon Climate Control
Corp., one of only two global full-line automotive thermal
management suppliers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has approximately
26,000 employees at facilities in 26 countries. Visteon had sales
of $7.5 billion in 2014. Learn more
at www.visteon.com.
Conference Call and Presentation
Today, Thursday, May 7, at
9 a.m. EDT, 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:
855-855-4109
Outside U.S./Canada:
706-643-3752
(Call approximately 10 minutes before the start of the
conference.)
The conference call and live audio webcast, the financial
results news release, related presentation materials and other
supplemental information will be accessible through Visteon's
website at www.visteon.com.
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 25727360. 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, 2014).
Caution should be taken not to place undue reliance on our
forward-looking statements, which represent our view only as of the
date of this release, and which we assume no obligation to update.
The financial results presented herein are preliminary and
unaudited; final financial results will be included in the
company's Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2015. 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 2015 is not intended to
indicate that Visteon is explicitly or implicitly providing
projections on those GAAP financial measures, and actual results
for such measures are likely to vary from those presented. The
reconciliations include all information reasonably available to the
company at the date of this press release and the adjustments that
management can reasonably predict.
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VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in
Millions, Except Per Share Data)
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31
|
|
2015
|
|
2014
|
|
|
|
|
Sales
|
$
|
2,029
|
|
|
$
|
1,718
|
|
Cost of
sales
|
1,817
|
|
|
1,539
|
|
Gross
margin
|
212
|
|
|
179
|
|
Selling, general and
administrative expenses
|
96
|
|
|
81
|
|
Transformation and
integration costs
|
14
|
|
|
6
|
|
Interest expense,
net
|
6
|
|
|
8
|
|
Restructuring
expense
|
4
|
|
|
1
|
|
Equity in net income
of non-consolidated affiliates
|
2
|
|
|
2
|
|
Income from
continuing operations before income taxes
|
94
|
|
|
85
|
|
Provision for income
taxes
|
1
|
|
|
31
|
|
Net income from
continuing operations
|
93
|
|
|
54
|
|
Loss from
discontinued operations, net of tax
|
(23)
|
|
|
(6)
|
|
Net income
|
70
|
|
|
48
|
|
Net income
attributable to non-controlling interests
|
20
|
|
|
29
|
|
Net income
attributable to Visteon Corporation
|
$
|
50
|
|
|
$
|
19
|
|
|
|
|
|
Earnings (loss) per
share data:
|
|
|
|
Basic earnings (loss)
per share
|
|
|
|
Continuing operations
|
$
|
1.64
|
|
|
$
|
0.53
|
|
Discontinued operations
|
(0.51)
|
|
|
(0.14)
|
|
Basic earnings per
share attributable to Visteon Corporation
|
$
|
1.13
|
|
|
$
|
0.39
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
|
|
Continuing operations
|
$
|
1.60
|
|
|
$
|
0.52
|
|
Discontinued operations
|
(0.50)
|
|
|
(0.14)
|
|
Diluted earnings per
share attributable to Visteon Corporation
|
$
|
1.10
|
|
|
$
|
0.38
|
|
|
|
|
|
Average shares
outstanding (in millions)
|
|
|
|
Basic
|
44.4
|
|
|
48.4
|
|
Diluted
|
45.5
|
|
|
49.6
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
Comprehensive
income
|
$
|
20
|
|
|
$
|
27
|
|
Comprehensive income
attributable to Visteon Corporation
|
$
|
8
|
|
|
$
|
7
|
|
VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Dollars in
Millions)
(Unaudited)
|
|
|
March
31
|
|
December
31
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Cash and
equivalents
|
$
|
907
|
|
|
$
|
822
|
|
Restricted
cash
|
9
|
|
|
9
|
|
Accounts receivable,
net
|
1,367
|
|
|
1,351
|
|
Inventories,
net
|
541
|
|
|
537
|
|
Other current
assets
|
428
|
|
|
415
|
|
Total current
assets
|
3,252
|
|
|
3,134
|
|
|
|
|
|
Property and
equipment, net
|
1,365
|
|
|
1,440
|
|
Intangible assets,
net
|
393
|
|
|
407
|
|
Investments in
affiliates
|
166
|
|
|
165
|
|
Other non-current
assets
|
163
|
|
|
177
|
|
Total
assets
|
$
|
5,339
|
|
|
$
|
5,323
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Short-term debt,
including current portion of long-term debt
|
$
|
124
|
|
|
$
|
142
|
|
Accounts
payable
|
1,257
|
|
|
1,186
|
|
Accrued employee
liabilities
|
152
|
|
|
174
|
|
Other current
liabilities
|
396
|
|
|
330
|
|
Total current
liabilities
|
1,929
|
|
|
1,832
|
|
|
|
|
|
Long-term
debt
|
833
|
|
|
839
|
|
Employee
benefits
|
528
|
|
|
566
|
|
Deferred tax
liabilities
|
121
|
|
|
120
|
|
Other non-current
liabilities
|
105
|
|
|
145
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
1
|
|
|
1
|
|
Stock
warrants
|
2
|
|
|
3
|
|
Additional paid-in
capital
|
1,254
|
|
|
1,246
|
|
Retained
earnings
|
711
|
|
|
661
|
|
Accumulated other
comprehensive loss
|
(341)
|
|
|
(299)
|
|
Treasury
stock
|
(744)
|
|
|
(747)
|
|
Total Visteon
Corporation stockholders' equity
|
883
|
|
|
865
|
|
Non-controlling
interests
|
940
|
|
|
956
|
|
Total
equity
|
1,823
|
|
|
1,821
|
|
Total liabilities and
equity
|
$
|
5,339
|
|
|
$
|
5,323
|
|
VISTEON
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS 1
(Dollars in
Millions)
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31
|
|
2015
|
|
2014
|
OPERATING
|
|
|
|
Net income
|
$
|
70
|
|
|
$
|
48
|
|
Adjustments to
reconcile net income to net cash provided from operating
activities:
|
|
|
|
Losses on Interiors
divestiture
|
14
|
|
|
—
|
|
Depreciation and
amortization
|
68
|
|
|
66
|
|
Equity in net income
of affiliates, net of dividends remitted
|
(2)
|
|
|
(2)
|
|
Non-cash stock-based
compensation
|
3
|
|
|
3
|
|
Changes in assets and
liabilities:
|
|
|
|
Accounts
receivable
|
(62)
|
|
|
(90)
|
|
Inventories
|
(29)
|
|
|
(18)
|
|
Accounts
payable
|
110
|
|
|
131
|
|
Other assets and
other liabilities
|
1
|
|
|
(42)
|
|
Net cash provided
from operating activities
|
173
|
|
|
96
|
|
|
|
|
|
INVESTING
|
|
|
|
Capital
expenditures
|
(55)
|
|
|
(52)
|
|
Loan to
non-consolidated affiliate
|
(10)
|
|
|
—
|
|
Proceeds from asset
sales and business divestitures
|
3
|
|
|
35
|
|
Other
|
(8)
|
|
|
(3)
|
|
Net cash used by
investing activities
|
(70)
|
|
|
(20)
|
|
|
|
|
|
FINANCING
|
|
|
|
Short-term debt,
net
|
(10)
|
|
|
(4)
|
|
Principal payments on
debt
|
(3)
|
|
|
(1)
|
|
Dividends paid to
non-controlling interests
|
(3)
|
|
|
(16)
|
|
Stock warrant and
option exercises
|
10
|
|
|
1
|
|
Net cash used by
financing activities
|
(6)
|
|
|
(20)
|
|
Effect of exchange
rate changes on cash and equivalents
|
(17)
|
|
|
(5)
|
|
Net increase in cash
and equivalents
|
80
|
|
|
51
|
|
Cash and equivalents
at beginning of period
|
827
|
|
|
1,677
|
|
Cash and equivalents
at end of period
|
$
|
907
|
|
|
$
|
1,728
|
|
|
1 The
Company has combined cash flows from discontinued operations with
cash flows from continuing operations within the operating,
investing and financing categories. As such, cash and
equivalents above include $5 million of assets held reflected in
Other current assets on the Consolidated Balance Sheet as of
December 31, 2014.
|
VISTEON
CORPORATION AND SUBSIDIARIES
RECONCILIATION 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, plus net interest expense, provision
for income taxes and depreciation and amortization, as further
adjusted to eliminate the impact of discontinued operations, equity
in net income of non-consolidated affiliates, net income
attributable to non-controlling interests, asset impairments, gains
or losses on divestitures, net restructuring expenses and other
reimbursable costs, non-cash stock-based compensation expense,
certain employee charges and benefits, reorganization items and
other non-operating gains and losses. Because not all
companies use identical calculations, this presentation of Adjusted
EBITDA may not be comparable to similarly titled measures of other
companies.
|
|
|
|
|
|
|
Electronics
&
|
|
Three Months
Ended
|
|
Corp. Only
|
|
March
31
|
|
Estimated
|
|
2015
|
|
2014
|
|
Full Year 2015
*
|
Adjusted
EBITDA
|
$
|
189
|
|
|
$
|
161
|
|
|
$245 -
$265
|
Interest
expense, net
|
6
|
|
|
8
|
|
|
17
|
Provision for income taxes
|
1
|
|
|
31
|
|
|
55
|
Depreciation and amortization
|
68
|
|
|
60
|
|
|
85
|
Non-cash, stock-based compensation expense
|
3
|
|
|
3
|
|
|
10
|
Transformation and integration costs
|
14
|
|
|
6
|
|
|
55
|
Restructuring expense
|
4
|
|
|
1
|
|
|
25
|
Equity
in net income of non-consolidated affiliates
|
(2)
|
|
|
(2)
|
|
|
5
|
Net
income attributable to non-controlling interests
|
20
|
|
|
29
|
|
|
15
|
Other
|
2
|
|
|
—
|
|
|
—
|
Loss
from discontinued operations, net of tax
|
23
|
|
|
6
|
|
|
—
|
Net income
attributable to Visteon
|
$
|
50
|
|
|
$
|
19
|
|
|
($22) -
(2)
|
|
* In connection with
the anticipated 2015 sale of the Company's outstanding shares in
Halla Visteon Climate Control Corporation ("HVCC"), the Company is
providing 2015 guidance for the electronics product group and
corporate costs only. Guidance excludes the climate product group,
other product group, and discontinued operations.
|
|
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.
|
|
|
|
|
|
|
Electronics &
|
|
Three Months
Ended
|
|
Corp. Only
|
|
March
31
|
|
Estimated
|
|
2015
|
|
2014
|
|
Full Year 2015
*
|
Cash provided from
operating activities
|
$
|
173
|
|
|
$
|
96
|
|
|
$20 - $60
|
Capital
expenditures
|
(55)
|
|
|
(52)
|
|
|
100
|
Free cash
flow
|
$
|
118
|
|
|
$
|
44
|
|
|
($80) -
($40)
|
Restructuring/transformation-related
payments
|
21
|
|
|
20
|
|
|
120
|
Adjusted free cash
flow
|
$
|
139
|
|
|
$
|
64
|
|
|
$40 - $80
|
|
* In connection with
the anticipated 2015 sale of the Company's outstanding shares in
HVCC, the Company is providing 2015 guidance for the electronics
product group and corporate costs only. Guidance excludes the
climate product group, other product group, and discontinued
operations.
|
|
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. The Company defines Adjusted net
income as net income attributable to Visteon plus net restructuring
expenses, reorganization items and other non-operating gains and
losses, as further adjusted to eliminate the impact of discontinued
operations. The Company defines Adjusted earnings per share as
Adjusted net income divided by diluted shares. Because not all
companies use identical calculations, this presentation of Adjusted
net income and Adjusted earnings per share may not be comparable to
other similarly titled measures of other companies.
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31
|
|
|
|
|
2015
|
|
2014
|
|
Diluted earnings
per share:
|
|
|
|
|
|
|
Net income
attributable to Visteon
|
|
|
$
|
50
|
|
|
$
|
19
|
|
Average shares outstanding, diluted (in millions)
|
|
|
45.5
|
|
|
49.6
|
|
Diluted earnings per
share
|
|
|
1.10
|
|
|
0.38
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share:
|
|
|
|
|
|
|
Net income
attributable to Visteon
|
|
|
$
|
50
|
|
|
$
|
19
|
|
Transformation and
integration costs
|
|
|
14
|
|
|
6
|
|
Restructuring
expense
|
|
|
4
|
|
|
1
|
|
Other
|
|
|
2
|
|
|
—
|
|
Loss from
discontinued operations, net of tax
|
|
|
23
|
|
|
6
|
|
Adjusted net
income
|
|
|
$
|
93
|
|
|
$
|
32
|
|
Average shares outstanding, diluted (in millions)
|
|
|
45.5
|
|
|
49.6
|
|
Adjusted earnings per
share
|
|
|
$
|
2.04
|
|
|
$
|
0.65
|
|
|
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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SOURCE Visteon Corporation