Visteon Corporation (NASDAQ: VC) today announced third-quarter net
sales of $747 million, representing a year-over-year increase of 3%
excluding the impact of currency.
Gross margin in the third quarter was $99
million, and net income attributable to Visteon was $6 million or
$0.21 per diluted share. Adjusted net income was $38 million or
$1.36 per diluted share, which excludes restructuring charges.
Adjusted EBITDA, a non-GAAP measure as defined below, was $87
million for the third quarter of 2020 or 11.6% of sales.
During the third quarter, the company was
awarded $1.5 billion in new business, for a total of $3.2 billion
for the first nine months. Visteon launched a record of 23 new
products in the third quarter, totaling 44 for the year to date,
which will enable the company to continue to outperform the
market.
Cash provided by the company's operations for
the first nine months was $97 million and capital expenditures were
$83 million. Adjusted free cash flow, a non-GAAP financial measure
as defined below, for the first nine months of 2020 was $37
million, compared to $21 million for the same period in 2019. The
company repaid in full $400 million of the revolving credit
facility it drew at the end of the first quarter and ended the
third quarter with cash of $435 million and debt of $348 million,
representing a net cash position of $87 million.
The company’s focus on cost controls is evident
in the significant reductions in both engineering and adjusted
SG&A, which are down 25% and 19%, respectively, over the prior
year. Both areas benefited from a combination of short and
long-term structural cost-saving initiatives, which will allow
Visteon to support its business growth with an optimized
structure.
“The proactive measures we took earlier in the
year to control costs also helped Visteon achieve record
profitability for a third quarter,” said President and CEO Sachin
Lawande. “We launched a record 23 new products in Q3, including
products on flagship vehicles such as the new Ford F-150 and the
Mercedes Benz S-Class. The combined projected lifetime revenue of
these 23 launches is more than $2.5 billion, and will help Visteon
continue our market outperformance in the coming quarters.”
The company advanced its growth strategy in the
third quarter by launching a 12.4-inch digital cluster, telematics
control unit and scalable audio solution for the all-new 2021 Ford
F-150, and a digital instrument cluster for Daimler’s S-Class
sedan. The rest of the year remains strong with multiple programs
scheduled for launch during the fourth quarter.
New business wins were robust in the quarter.
Key wins included a 12-inch display for a Japanese OEM, the success
of Visteon’s Android-based VW Play infotainment system, which
helped the company secure a similar Android infotainment award with
a U.S.-based OEM, and an extension of its previously awarded
battery management system.
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, Oct. 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: 866-411-5196 Outside
U.S./Canada: 970-297-2404Conference ID: 9459369
(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 third-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 9459369.
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 gross
margin, adjusted SG&A, 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.
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 InformationThis 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, and 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 Sept. 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
amounts) (Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net sales |
$ |
747 |
|
|
|
$ |
731 |
|
|
|
$ |
1,761 |
|
|
|
$ |
2,201 |
|
|
Cost of sales |
(648 |
) |
|
|
(647 |
) |
|
|
(1,605 |
) |
|
|
(1,981 |
) |
|
Gross margin |
99 |
|
|
|
84 |
|
|
|
156 |
|
|
|
220 |
|
|
Selling, general and
administrative expenses |
(45 |
) |
|
|
(52 |
) |
|
|
(140 |
) |
|
|
(167 |
) |
|
Restructuring expense,
net |
(32 |
) |
|
|
(1 |
) |
|
|
(69 |
) |
|
|
(2 |
) |
|
Interest expense, net |
(5 |
) |
|
|
(3 |
) |
|
|
(10 |
) |
|
|
(7 |
) |
|
Equity in net income of
non-consolidated affiliates |
2 |
|
|
|
1 |
|
|
|
4 |
|
|
|
7 |
|
|
Other income, net |
3 |
|
|
|
2 |
|
|
|
10 |
|
|
|
7 |
|
|
Income (loss) before income
taxes |
22 |
|
|
|
31 |
|
|
|
(49 |
) |
|
|
58 |
|
|
Provision for income
taxes |
(12 |
) |
|
|
(13 |
) |
|
|
(19 |
) |
|
|
(16 |
) |
|
Net income (loss) |
10 |
|
|
|
18 |
|
|
|
(68 |
) |
|
|
42 |
|
|
Net income attributable to
non-controlling interests |
(4 |
) |
|
|
(4 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
|
Net income (loss) attributable
to Visteon Corporation |
$ |
6 |
|
|
|
$ |
14 |
|
|
|
$ |
(74 |
) |
|
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) |
$ |
30 |
|
|
|
$ |
(4 |
) |
|
|
$ |
(80 |
) |
|
|
$ |
21 |
|
|
Less: Comprehensive income
attributable to non-controlling interests |
7 |
|
|
|
1 |
|
|
|
9 |
|
|
|
4 |
|
|
Comprehensive income (loss)
attributable to Visteon Corporation |
$ |
23 |
|
|
|
$ |
(5 |
) |
|
|
$ |
(89 |
) |
|
|
$ |
17 |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share attributable to Visteon Corporation |
$ |
0.22 |
|
|
|
$ |
0.50 |
|
|
|
$ |
(2.65 |
) |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share attributable to Visteon Corporation |
$ |
0.21 |
|
|
|
$ |
0.50 |
|
|
|
$ |
(2.65 |
) |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
Basic |
27.8 |
|
|
|
28.0 |
|
|
|
27.9 |
|
|
|
28.1 |
|
|
Diluted |
28.0 |
|
|
|
28.1 |
|
|
|
27.9 |
|
|
|
28.2 |
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions)
|
(Unaudited) |
|
|
|
September 30, |
|
December 31, |
|
2020 |
|
2019 |
ASSETS |
|
|
|
Cash and equivalents |
$ |
431 |
|
|
|
$ |
466 |
|
|
Restricted cash |
4 |
|
|
|
3 |
|
|
Accounts receivable, net |
476 |
|
|
|
514 |
|
|
Inventories, net |
164 |
|
|
|
169 |
|
|
Other current assets |
193 |
|
|
|
193 |
|
|
Total current assets |
1,268 |
|
|
|
1,345 |
|
|
|
|
|
|
Property and equipment,
net |
418 |
|
|
|
436 |
|
|
Intangible assets, net |
126 |
|
|
|
127 |
|
|
Right-of-use assets |
168 |
|
|
|
165 |
|
|
Investments in
non-consolidated affiliates |
51 |
|
|
|
48 |
|
|
Other non-current assets |
133 |
|
|
|
150 |
|
|
Total assets |
$ |
2,164 |
|
|
|
$ |
2,271 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt |
$ |
— |
|
|
|
$ |
37 |
|
|
Accounts payable |
494 |
|
|
|
511 |
|
|
Accrued employee
liabilities |
74 |
|
|
|
73 |
|
|
Current lease liability |
31 |
|
|
|
30 |
|
|
Other current liabilities |
189 |
|
|
|
147 |
|
|
Total current liabilities |
788 |
|
|
|
798 |
|
|
|
|
|
|
Long-term debt, net |
348 |
|
|
|
348 |
|
|
Employee benefits |
280 |
|
|
|
292 |
|
|
Non-current lease
liability |
145 |
|
|
|
139 |
|
|
Deferred tax liabilities |
29 |
|
|
|
27 |
|
|
Other non-current
liabilities |
72 |
|
|
|
72 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
1 |
|
|
|
1 |
|
|
Additional paid-in capital |
1,344 |
|
|
|
1,342 |
|
|
Retained earnings |
1,605 |
|
|
|
1,679 |
|
|
Accumulated other comprehensive loss |
(282 |
) |
|
|
(267 |
) |
|
Treasury stock |
(2,283 |
) |
|
|
(2,275 |
) |
|
Total Visteon Corporation
stockholders’ equity |
385 |
|
|
|
480 |
|
|
Non-controlling interests |
117 |
|
|
|
115 |
|
|
Total equity |
502 |
|
|
|
595 |
|
|
Total liabilities and
equity |
$ |
2,164 |
|
|
|
$ |
2,271 |
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions) (Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
OPERATING |
|
|
|
|
|
|
|
Net income (loss) |
$ |
10 |
|
|
|
$ |
18 |
|
|
|
$ |
(68 |
) |
|
|
$ |
42 |
|
|
Adjustments to reconcile net
income (loss) to net cash provided from (used by) operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
25 |
|
|
|
25 |
|
|
|
75 |
|
|
|
74 |
|
|
Non-cash stock-based compensation |
4 |
|
|
|
3 |
|
|
|
13 |
|
|
|
14 |
|
|
Equity in net income (loss) of non-consolidated affiliates, net of
dividends remitted |
(2 |
) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(7 |
) |
|
Other non-cash items |
(1 |
) |
|
|
— |
|
|
|
1 |
|
|
|
5 |
|
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
(132 |
) |
|
|
(1 |
) |
|
|
38 |
|
|
|
17 |
|
|
Inventories |
10 |
|
|
|
(10 |
) |
|
|
5 |
|
|
|
(13 |
) |
|
Accounts payable |
160 |
|
|
|
29 |
|
|
|
11 |
|
|
|
49 |
|
|
Other assets and other liabilities |
36 |
|
|
|
(6 |
) |
|
|
26 |
|
|
|
(63 |
) |
|
Net cash provided from
operating activities |
110 |
|
|
|
57 |
|
|
|
97 |
|
|
|
118 |
|
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
(18 |
) |
|
|
(38 |
) |
|
|
(83 |
) |
|
|
(109 |
) |
|
Loan repayments from
non-consolidated affiliates |
— |
|
|
|
9 |
|
|
|
2 |
|
|
|
11 |
|
|
Net investment hedge |
1 |
|
|
|
— |
|
|
|
7 |
|
|
|
4 |
|
|
Other |
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
Net cash used by investing
activities |
(20 |
) |
|
|
(29 |
) |
|
|
(77 |
) |
|
|
(96 |
) |
|
FINANCING |
|
|
|
|
|
|
|
Borrowings on revolving credit
facility |
— |
|
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
Payments on revolving credit
facility |
(400 |
) |
|
|
— |
|
|
|
(400 |
) |
|
|
— |
|
|
Repurchase of common
stock |
— |
|
|
|
— |
|
|
|
(16 |
) |
|
|
(20 |
) |
|
Dividends paid to
non-controlling interests |
— |
|
|
|
(7 |
) |
|
|
(7 |
) |
|
|
(7 |
) |
|
Short-term debt repayments,
net |
(23 |
) |
|
|
(5 |
) |
|
|
(37 |
) |
|
|
(8 |
) |
|
Net cash used by financing
activities |
(423 |
) |
|
|
(12 |
) |
|
|
(60 |
) |
|
|
(35 |
) |
|
Effect of exchange rate
changes on cash |
9 |
|
|
|
(8 |
) |
|
|
6 |
|
|
|
(8 |
) |
|
Net increase (decrease) in
cash |
(324 |
) |
|
|
8 |
|
|
|
(34 |
) |
|
|
(21 |
) |
|
Cash and restricted cash at
beginning of the period |
759 |
|
|
|
438 |
|
|
|
469 |
|
|
|
467 |
|
|
Cash and restricted cash at
end of the period |
$ |
435 |
|
|
|
$ |
446 |
|
|
|
$ |
435 |
|
|
|
$ |
446 |
|
|
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
Visteon: |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) attributable to Visteon Corporation |
$ |
6 |
|
|
|
$ |
14 |
|
|
|
$ |
(74 |
) |
|
|
$ |
35 |
|
|
Depreciation and amortization |
25 |
|
|
|
25 |
|
|
|
75 |
|
|
|
74 |
|
|
Provision for income taxes |
12 |
|
|
|
13 |
|
|
|
19 |
|
|
|
16 |
|
|
Non-cash, stock-based compensation expense |
4 |
|
|
|
3 |
|
|
|
13 |
|
|
|
14 |
|
|
Interest expense, net |
5 |
|
|
|
3 |
|
|
|
10 |
|
|
|
7 |
|
|
Net income attributable to non-controlling interests |
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
7 |
|
|
Restructuring expense, net |
32 |
|
|
|
1 |
|
|
|
69 |
|
|
|
2 |
|
|
Equity in net income of non-consolidated affiliates |
(2 |
) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(7 |
) |
|
Other |
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
1 |
|
|
Adjusted EBITDA |
$ |
87 |
|
|
|
$ |
62 |
|
|
|
$ |
117 |
|
|
|
$ |
149 |
|
|
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
Total Visteon: |
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash provided from operating activities |
$ |
110 |
|
|
|
$ |
57 |
|
|
|
$ |
97 |
|
|
|
$ |
118 |
|
|
Capital
expenditures, including intangibles |
(18 |
) |
|
|
(38 |
) |
|
|
(83 |
) |
|
|
(109 |
) |
|
Free cash
flow |
$ |
92 |
|
|
|
$ |
19 |
|
|
|
$ |
14 |
|
|
|
$ |
9 |
|
|
Restructuring related payments |
11 |
|
|
|
4 |
|
|
|
23 |
|
|
|
12 |
|
|
Adjusted
free cash flow |
$ |
103 |
|
|
|
$ |
23 |
|
|
|
$ |
37 |
|
|
|
$ |
21 |
|
|
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) attributable to Visteon |
$ |
6 |
|
|
$ |
14 |
|
|
$ |
(74 |
) |
|
|
$ |
35 |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Diluted earnings per
share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Visteon |
$ |
6 |
|
|
$ |
14 |
|
|
$ |
(74 |
) |
|
|
$ |
35 |
|
Average shares outstanding,
diluted |
28.0 |
|
|
28.1 |
|
|
27.9 |
|
|
|
28.2 |
|
Diluted earnings (loss) per
share |
$ |
0.21 |
|
|
$ |
0.50 |
|
|
$ |
(2.65 |
) |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share: |
|
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
6 |
|
|
$ |
14 |
|
|
$ |
(74 |
) |
|
|
$ |
35 |
|
Restructuring expense,
net |
32 |
|
|
1 |
|
|
69 |
|
|
|
2 |
|
Other, including tax effects
of adjustments |
— |
|
|
— |
|
|
1 |
|
|
|
1 |
|
Adjusted net income
(loss) |
$ |
38 |
|
|
$ |
15 |
|
|
$ |
(4 |
) |
|
|
$ |
38 |
|
Average shares outstanding,
diluted |
28.0 |
|
|
28.1 |
|
|
27.9 |
|
|
|
28.2 |
|
Adjusted earnings (loss) per
share |
$ |
1.36 |
|
|
$ |
0.53 |
|
|
$ |
(0.14 |
) |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
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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