Visteon Corporation (Nasdaq: VC) today announced full-year 2019
results. Sales were $2,945 million, compared with $2,984 million in
2018. The decrease of $39 million is primarily due to lower vehicle
production volumes and the negative impact of currency, customer
pricing and product mix, partially offset by new product launches
and product updates. Net income attributable to Visteon was $70
million or $2.48 per diluted share and net cash provided from
operating activities was $183 million.
New business wins in 2019 were $6.1 billion,
driven by digital clusters, multi-display modules, Android-based
infotainment systems, cockpit domain controllers and battery
management systems.
"Despite lower vehicle production volumes,
Visteon finished the year strong with 7% growth-over-market in the
fourth quarter, driven by our next-generation digital cockpit
solutions," said President and CEO Sachin Lawande. "In 2020, we are
anticipating another challenging year for the automotive industry,
as we expect global vehicle production volumes to further decline
by approximately 3%. However, we expect Visteon sales to continue
to grow above market and increase year-over-year as we lead the
digital cockpit transformation."
Fourth Quarter in Review
Sales were $744 million and $731 million during
the fourth quarters of 2019 and 2018, respectively. The
year-over-year increase is primarily attributable to new product
launches and product updates, partially offset by lower vehicle
production volumes, vehicle launch delays at Ford, the impact of
the strike at GM, customer pricing and the impact of unfavorable
currency. On a regional basis, in the fourth quarter of 2019,
Europe accounted for 32% of sales, China Domestic 20%, China Export
7%, the Americas 25% and Other Asia-Pacific 16%.
Gross margins for the fourth quarters of 2019
and 2018 were $104 million and $96 million, respectively. Adjusted
EBITDA, a non-GAAP measure as defined below, was $85 million for
the fourth quarter of 2019, compared with $74 million in prior
year. Adjusted EBITDA margin was 11.4% for the fourth quarter of
2019, 130 basis points higher than the same period in the prior
year.
For the fourth quarter of 2019, net income
attributable to Visteon was $35 million or $1.24 per diluted share,
compared with $43 million or $1.49 per diluted share for the same
period in 2018. Adjusted net income, a non-GAAP measure as defined
below, was $40 million or $1.42 per diluted share for the fourth
quarter of 2019, compared with $44 million or $1.52 per diluted
share for the same period in 2018.
The company had 28.2 million diluted shares of
common stock outstanding as of Dec. 31, 2019.
Cash and Debt Balances
As of Dec. 31, 2019, Visteon remained in a net
positive cash position with cash of $469 million and debt of $385
million.
For the fourth quarter of 2019, cash from
operations was $65 million and capital expenditures were $33
million. Full-year cash from operations was $183 million and
capital expenditures were $142 million. Total Visteon adjusted free
cash flow, a non-GAAP financial measure as defined below, for the
fourth quarter and the full year was $35 million and $56 million,
respectively.
Full-Year 2020 Outlook
Visteon full-year 2020 guidance projects sales
in the range of $3.0 billion to $3.1 billion, adjusted EBITDA in
the range of $250 million to $270 million, and adjusted free cash
flow in the range of $40 million to $60 million. The full-year
guidance does not include any impact from the coronavirus.
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 11,000
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, Feb. 20, at 9 a.m. ET, the
company will host a conference call for the investment community to
discuss the fourth-quarter and full-year 2019 financial 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 5473059. The phone replay will be available for one week
following the conference call.
1 Growth-over-market for fourth-quarter 2019 excludes the impact
of currency and acquisitions/divestitures.
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; (9) the impact of the coronavirus on our
suppliers, our manufacturing facilities and automotive sales in
China; and (10) those factors identified in our filings with the
SEC (including our Annual Report on Form 10-K for the fiscal year
ended Dec. 31, 2019).
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 Annual Report on Form 10-K for the fiscal year
ended Dec. 31, 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 attached to this press release. The
provision of these comparable GAAP financial measures for 2019 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:
Amna Kamal734-710-2566akamal@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 |
|
Twelve Months Ended |
| |
December 31 |
|
December 31 |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
Sales |
$ |
744 |
|
|
$ |
731 |
|
|
$ |
2,945 |
|
|
$ |
2,984 |
|
| Cost of sales |
(640 |
) |
|
(635 |
) |
|
(2,621 |
) |
|
(2,573 |
) |
| Gross margin |
104 |
|
|
96 |
|
|
324 |
|
|
411 |
|
| Selling, general and
administrative expenses |
(54 |
) |
|
(54 |
) |
|
(221 |
) |
|
(193 |
) |
| Restructuring expense,
net |
(2 |
) |
|
(1 |
) |
|
(4 |
) |
|
(29 |
) |
| Interest expense, net |
(2 |
) |
|
(1 |
) |
|
(9 |
) |
|
(7 |
) |
| Equity in net (loss) income of
non-consolidated affiliates |
(1 |
) |
|
3 |
|
|
6 |
|
|
13 |
|
| Other income, net |
3 |
|
|
4 |
|
|
10 |
|
|
21 |
|
| Income before income
taxes |
48 |
|
|
47 |
|
|
106 |
|
|
216 |
|
| Provision for income
taxes |
(8 |
) |
|
(1 |
) |
|
(24 |
) |
|
(43 |
) |
| Net income from continuing
operations |
40 |
|
|
46 |
|
|
82 |
|
|
173 |
|
| Net (loss) income from
discontinued operations, net of tax |
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
1 |
|
| Net income |
39 |
|
|
45 |
|
|
81 |
|
|
174 |
|
| Net income attributable to
non-controlling interests |
(4 |
) |
|
(2 |
) |
|
(11 |
) |
|
(10 |
) |
| Net income attributable to
Visteon Corporation |
$ |
35 |
|
|
$ |
43 |
|
|
$ |
70 |
|
|
$ |
164 |
|
| |
|
|
|
|
|
|
|
| Earnings per share data: |
|
|
|
|
|
|
|
| Basic earnings (loss) per
share |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
1.28 |
|
|
$ |
1.53 |
|
|
$ |
2.53 |
|
|
$ |
5.53 |
|
|
Discontinued operations |
(0.04 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
0.03 |
|
| Basic earnings per share
attributable to Visteon Corporation |
$ |
1.24 |
|
|
$ |
1.50 |
|
|
$ |
2.49 |
|
|
$ |
5.56 |
|
| |
|
|
|
|
|
|
|
| Diluted earnings (loss) per
share |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
1.28 |
|
|
$ |
1.52 |
|
|
$ |
2.52 |
|
|
$ |
5.49 |
|
|
Discontinued operations |
(0.04 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
0.03 |
|
| Diluted earnings per share
attributable to Visteon Corporation |
$ |
1.24 |
|
|
$ |
1.49 |
|
|
$ |
2.48 |
|
|
$ |
5.52 |
|
| |
|
|
|
|
|
|
|
| Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
| Basic |
28.0 |
|
|
28.7 |
|
|
28.1 |
|
|
29.5 |
|
| Diluted |
28.2 |
|
|
28.9 |
|
|
28.2 |
|
|
29.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollars in Millions)
| |
December 31 |
|
December 31 |
| |
2019 |
|
2018 |
| ASSETS |
|
|
|
|
Cash and equivalents |
$ |
466 |
|
|
$ |
463 |
|
| Restricted cash |
3 |
|
|
4 |
|
| Accounts receivable, net |
514 |
|
|
486 |
|
| Inventories, net |
169 |
|
|
184 |
|
| Other current assets |
193 |
|
|
159 |
|
| Total current assets |
1,345 |
|
|
1,296 |
|
| |
|
|
|
| Property and equipment,
net |
436 |
|
|
397 |
|
| Intangible assets, net |
127 |
|
|
129 |
|
| Right-of-use assets |
165 |
|
|
— |
|
| Investments in
non-consolidated affiliates |
48 |
|
|
42 |
|
| Other non-current assets |
150 |
|
|
143 |
|
| Total assets |
$ |
2,271 |
|
|
$ |
2,007 |
|
| |
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
| Short-term debt |
$ |
37 |
|
|
$ |
57 |
|
| Accounts payable |
511 |
|
|
436 |
|
| Accrued employee
liabilities |
73 |
|
|
67 |
|
| Current lease liability |
30 |
|
|
— |
|
| Other current liabilities |
147 |
|
|
161 |
|
| Total current liabilities |
798 |
|
|
721 |
|
| |
|
|
|
| Long-term debt |
348 |
|
|
348 |
|
| Employee benefits |
292 |
|
|
257 |
|
| Non-current lease
liability |
139 |
|
|
— |
|
| Deferred tax liabilities |
27 |
|
|
23 |
|
| Other non-current
liabilities |
72 |
|
|
76 |
|
| |
|
|
|
| Stockholders’ equity |
|
|
|
|
Common stock |
1 |
|
|
1 |
|
|
Additional paid-in capital |
1,342 |
|
|
1,335 |
|
|
Retained earnings |
1,679 |
|
|
1,609 |
|
|
Accumulated other comprehensive loss |
(267 |
) |
|
(216 |
) |
|
Treasury stock |
(2,275 |
) |
|
(2,264 |
) |
| Total Visteon Corporation
stockholders’ equity |
480 |
|
|
465 |
|
| Non-controlling interests |
115 |
|
|
117 |
|
| Total equity |
595 |
|
|
582 |
|
| Total liabilities and
equity |
$ |
2,271 |
|
|
$ |
2,007 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
1 (Dollars in Millions)
| |
(Unaudited) |
|
|
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31 |
|
December 31 |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
OPERATING |
|
|
|
|
|
|
|
|
Net income |
$ |
39 |
|
|
$ |
45 |
|
|
$ |
81 |
|
|
$ |
174 |
|
| Adjustments to reconcile net
income to net cash provided from operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
26 |
|
|
24 |
|
|
100 |
|
|
91 |
|
|
Non-cash stock-based compensation |
3 |
|
|
4 |
|
|
17 |
|
|
8 |
|
|
Transaction (gains) |
— |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
Equity in net income of non-consolidated affiliates, net of
dividends remitted |
1 |
|
|
(3 |
) |
|
(6 |
) |
|
(13 |
) |
|
Other non-cash items |
3 |
|
|
1 |
|
|
8 |
|
|
3 |
|
| Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
(50 |
) |
|
(38 |
) |
|
(33 |
) |
|
44 |
|
|
Inventories |
26 |
|
|
39 |
|
|
13 |
|
|
1 |
|
|
Accounts payable |
24 |
|
|
(2 |
) |
|
73 |
|
|
(19 |
) |
|
Other assets and other liabilities |
(7 |
) |
|
27 |
|
|
(70 |
) |
|
(77 |
) |
| Net cash provided from
operating activities |
65 |
|
|
97 |
|
|
183 |
|
|
204 |
|
|
INVESTING |
|
|
|
|
|
|
|
| Capital expenditures,
including intangibles |
(33 |
) |
|
(31 |
) |
|
(142 |
) |
|
(127 |
) |
| Loans to non-consolidated
affiliate, net of repayments |
— |
|
|
— |
|
|
11 |
|
|
— |
|
| Acquisition of businesses, net
of cash acquired |
— |
|
|
— |
|
|
— |
|
|
16 |
|
| Other, net |
1 |
|
|
— |
|
|
3 |
|
|
13 |
|
| Net cash used by investing
activities |
(32 |
) |
|
(31 |
) |
|
(128 |
) |
|
(98 |
) |
|
FINANCING |
|
|
|
|
|
|
|
| Repurchase of common
stock |
— |
|
|
(50 |
) |
|
(20 |
) |
|
(300 |
) |
| Short-term debt, net |
(11 |
) |
|
25 |
|
|
(19 |
) |
|
12 |
|
| Dividends paid to
non-controlling interests |
(2 |
) |
|
(16 |
) |
|
(9 |
) |
|
(28 |
) |
| Distribution payments |
— |
|
|
— |
|
|
— |
|
|
(14 |
) |
| Stock based compensation tax
withholding payments |
— |
|
|
— |
|
|
— |
|
|
(7 |
) |
| Other |
(1 |
) |
|
— |
|
|
(1 |
) |
|
2 |
|
| Net cash used by financing
activities |
(14 |
) |
|
(41 |
) |
|
(49 |
) |
|
(335 |
) |
| Effect of exchange rate
changes on cash and equivalents |
4 |
|
|
— |
|
|
(4 |
) |
|
(13 |
) |
| Net increase (decrease) in
cash and equivalents |
23 |
|
|
25 |
|
|
2 |
|
|
(242 |
) |
| Cash and equivalents at
beginning of period |
446 |
|
|
442 |
|
|
467 |
|
|
709 |
|
| Cash and equivalents at end of
period |
$ |
469 |
|
|
$ |
467 |
|
|
$ |
469 |
|
|
$ |
467 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The Company has combined cash flows from discontinued
operations with cash flows from continuing operations within the
operating, investing and 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 |
|
Twelve Months Ended |
Estimated |
| |
December 31 |
|
December 31 |
Full Year |
| Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
2020 |
|
Net income attributable to Visteon |
$ |
35 |
|
$ |
43 |
|
|
$ |
70 |
|
|
$ |
164 |
|
$48 - $63 |
|
Depreciation and amortization |
26 |
|
24 |
|
|
100 |
|
|
91 |
|
110 |
|
Restructuring expense, net |
2 |
|
1 |
|
|
4 |
|
|
29 |
|
30 - 25 |
|
Interest expense, net |
2 |
|
1 |
|
|
9 |
|
|
7 |
|
10 |
|
Equity in net loss (income) of non-consolidated affiliates |
1 |
|
(3 |
) |
|
(6 |
) |
|
(13 |
) |
(8) |
|
Provision for income taxes |
8 |
|
1 |
|
|
24 |
|
|
43 |
|
30 - 40 |
|
Net loss (income) from discontinued operations, net of tax |
1 |
|
1 |
|
|
1 |
|
|
(1 |
) |
— |
|
Net income attributable to non-controlling interests |
4 |
|
2 |
|
|
11 |
|
|
10 |
|
10 |
|
Non-cash, stock-based compensation expense |
3 |
|
4 |
|
|
17 |
|
|
8 |
|
20 |
|
Other |
3 |
|
— |
|
|
4 |
|
|
(8 |
) |
— |
| Adjusted EBITDA |
$ |
85 |
|
$ |
74 |
|
|
$ |
234 |
|
|
$ |
330 |
|
$250 - $270 |
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 |
|
Twelve Months Ended |
|
Estimated |
| |
December 31 |
|
December 31 |
|
Full Year |
| Total
Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2020 |
|
Cash provided from operating activities |
$ |
65 |
|
|
$ |
97 |
|
|
$ |
183 |
|
|
$ |
204 |
|
|
$150 - $175 |
| Capital expenditures |
(33 |
) |
|
(31 |
) |
|
(142 |
) |
|
(127 |
) |
|
(145 - 140) |
| Free cash flow |
$ |
32 |
|
|
$ |
66 |
|
|
$ |
41 |
|
|
$ |
77 |
|
|
$5 - $35 |
| Restructuring related
payments |
3 |
|
|
6 |
|
|
15 |
|
|
30 |
|
|
35 - 25 |
| Adjusted free cash flow |
$ |
35 |
|
|
$ |
72 |
|
|
$ |
56 |
|
|
$ |
107 |
|
|
$40 - $60 |
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 |
|
Twelve Months Ended |
| |
December 31, 2020 |
|
December 31, 2020 |
| Net
income attributable to Visteon: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net income |
$ |
36 |
|
|
$ |
44 |
|
|
$ |
71 |
|
|
$ |
163 |
| Discontinued
operations |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
1 |
| Net income
attributable to Visteon |
$ |
35 |
|
|
$ |
43 |
|
|
$ |
70 |
|
|
$ |
164 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31 |
|
December 31 |
| Diluted earnings per
share: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net income attributable to Visteon |
$ |
35 |
|
|
$ |
43 |
|
|
$ |
70 |
|
|
$ |
164 |
|
| Average shares outstanding,
diluted (in millions) |
28.2 |
|
|
28.9 |
|
|
28.2 |
|
|
29.7 |
|
| Diluted earnings per
share |
$ |
1.24 |
|
|
$ |
1.49 |
|
|
$ |
2.48 |
|
|
$ |
5.52 |
|
| |
|
|
|
|
|
|
|
| Adjusted earnings per
share: |
|
|
|
|
|
|
|
| Net income attributable to
Visteon |
$ |
35 |
|
|
$ |
43 |
|
|
$ |
70 |
|
|
$ |
164 |
|
| Restructuring, net |
2 |
|
|
1 |
|
|
4 |
|
|
29 |
|
| Other |
2 |
|
|
(1 |
) |
|
3 |
|
|
(10 |
) |
| Income (loss) from
discontinued operations, net of tax |
1 |
|
|
1 |
|
|
1 |
|
|
(1 |
) |
| Adjusted net income |
$ |
40 |
|
|
$ |
44 |
|
|
$ |
78 |
|
|
$ |
182 |
|
| Average shares outstanding,
diluted (in millions) |
28.2 |
|
|
28.9 |
|
|
28.2 |
|
|
29.7 |
|
| Adjusted earnings per
share |
$ |
1.42 |
|
|
$ |
1.52 |
|
|
$ |
2.77 |
|
|
$ |
6.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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