Visteon Corporation (NASDAQ: VC) today announced third-quarter net
sales of $631 million, representing a year-over-year decrease of
17% excluding the impact of currency. Total industry production
decreased 20% while vehicle production at Visteon’s top customers
decreased 25% in the same period, reflecting supply chain
constraints and the worldwide semiconductor shortage. Despite these
constraints, the company's sales performance represents 8%1
growth-over-market compared to the production volumes of its
customers.
Gross margin in the third quarter was $47 million,
and net income attributable to Visteon was $5 million or $0.18 per
diluted share. Adjusted EBITDA, a non-GAAP measure as defined
below, was $42 million for the third quarter or 6.7% of sales, a
decrease of $45 million compared to the prior year. The decrease in
adjusted EBITDA reflects the impact of lower vehicle volumes,
supply chain and material costs increases, and the non-recurrence
of temporary austerity measures implemented in 2020, partially
offset by the year-over-year savings related to 2020 structural
costs reductions.
Visteon launched 26 new products through the third
quarter with over 20 planned for the fourth quarter. Key third
quarter launches include a 10-inch digital cluster in compact vans
sold under the Citroen, Peugeot, and Opel brands, and an 8-inch
infotainment display for the Ford Maverick compact pickup truck.
Additional launches include a 12-inch digital cluster in Dongfeng’s
new compact sedan, and a 10-inch infotainment system on a new
compact SUV with Stellantis in South America.
The company won $3.8 billion in new business
through the first three quarters of the year, approximately
30-percent of which were for electric vehicle programs. Key third
quarter wins include a SmartCore program and a 15-inch OLED display
for infotainment.
For the first nine months, cash used by operations
was $12 million and capital expenditures were $54 million. Adjusted
free cash flow, a non-GAAP financial measure as defined below, for
the first nine months of 2021 was a use of cash of $37 million,
compared to a source of cash of $37 million for the same period in
2020. The company ended the third quarter with cash of $401 million
and debt of $354 million, representing a net cash position of $47
million.
Visteon's full-year 2021 guidance is being updated
to reflect the latest supply chain environment. The company now
projects full-year sales in the range of $2.60 billion to $2.65
billion, adjusted EBITDA in the range of $165 million to $175
million, and adjusted free cash flow to be break-even.
The company also announced its commitment to
address climate change in line with the goals of the 2015 Paris
Agreement. Visteon will work with the Science Based Targets
initiative (SBTi) to set its greenhouse gas emissions targets to
support limiting global warming to 1.5°C above pre-industrial
levels. SBTi is a global organization that drives climate action in
the private sector by enabling companies to set science-based
emissions reduction targets.
“I am proud of Visteon’s resilient third quarter
performance that delivered improved results versus the second
quarter and better-than-market sales performance despite the
semiconductor shortages,” said President and CEO Sachin Lawande.
“The structural costs actions we implemented last year have allowed
us to navigate the ongoing challenges this year while also
positioning us to expand margins as industry volumes eventually
increase.”
_____________________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, October 28, 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: 9713169
(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 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 9713169.
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 September 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/visteonhttps://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: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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
631 |
|
|
$ |
747 |
|
|
$ |
1,987 |
|
|
$ |
1,761 |
|
Cost of sales |
|
(584 |
) |
|
(648 |
) |
|
(1,832 |
) |
|
(1,605 |
) |
Gross margin |
|
47 |
|
|
99 |
|
|
155 |
|
|
156 |
|
Selling, general and administrative expenses |
|
(42 |
) |
|
(45 |
) |
|
(131 |
) |
|
(140 |
) |
Restructuring, net |
|
2 |
|
|
(32 |
) |
|
2 |
|
|
(69 |
) |
Interest expense, net |
|
(2 |
) |
|
(5 |
) |
|
(6 |
) |
|
(10 |
) |
Equity in net income of non-consolidated affiliates |
|
2 |
|
|
2 |
|
|
2 |
|
|
4 |
|
Other income, net |
|
4 |
|
|
3 |
|
|
13 |
|
|
10 |
|
Income (loss) before income taxes |
|
11 |
|
|
22 |
|
|
35 |
|
|
(49 |
) |
Provision for income taxes |
|
(4 |
) |
|
(12 |
) |
|
(20 |
) |
|
(19 |
) |
Net income (loss) |
|
7 |
|
|
10 |
|
|
15 |
|
|
(68 |
) |
Less: Net (income) loss attributable to non-controlling
interests |
|
(2 |
) |
|
(4 |
) |
|
(5 |
) |
|
(6 |
) |
Net income (loss) attributable to Visteon Corporation |
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
(74 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
$ |
1 |
|
|
$ |
30 |
|
|
$ |
10 |
|
|
$ |
(80 |
) |
Less: Comprehensive (income) loss attributable to non-controlling
interests |
|
(1 |
) |
|
(7 |
) |
|
(6 |
) |
|
(9 |
) |
Comprehensive income (loss) attributable to Visteon
Corporation |
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
4 |
|
|
$ |
(89 |
) |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to Visteon
Corporation |
|
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.35 |
|
|
$ |
(2.65 |
) |
|
|
|
|
|
|
|
|
|
Average shares outstanding (in millions) |
|
|
|
|
|
|
|
|
Basic |
|
28.0 |
|
|
27.8 |
|
|
27.9 |
|
|
27.9 |
|
Diluted |
|
28.4 |
|
|
28.0 |
|
|
28.3 |
|
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions) |
|
|
(Unaudited) |
|
|
|
September 30, |
|
December 31, |
|
2021 |
|
2020 |
ASSETS |
|
|
|
Cash and equivalents |
$ |
397 |
|
|
$ |
496 |
|
Restricted cash |
4 |
|
|
4 |
|
Accounts receivable, net |
423 |
|
|
484 |
|
Inventories, net |
253 |
|
|
177 |
|
Other current assets |
156 |
|
|
180 |
|
Total current assets |
1,233 |
|
|
1,341 |
|
|
|
|
|
Property and equipment, net |
393 |
|
|
436 |
|
Intangible assets, net |
120 |
|
|
127 |
|
Right-of-use assets |
148 |
|
|
172 |
|
Investments in non-consolidated affiliates |
49 |
|
|
60 |
|
Other non-current assets |
117 |
|
|
135 |
|
Total assets |
$ |
2,060 |
|
|
$ |
2,271 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Short-term debt |
$ |
5 |
|
|
$ |
— |
|
Accounts payable |
416 |
|
|
500 |
|
Accrued employee liabilities |
74 |
|
|
83 |
|
Current lease liability |
29 |
|
|
32 |
|
Other current liabilities |
187 |
|
|
209 |
|
Total current liabilities |
711 |
|
|
824 |
|
|
|
|
|
Long-term debt, net |
349 |
|
|
349 |
|
Employee benefits |
285 |
|
|
322 |
|
Non-current lease liability |
125 |
|
|
146 |
|
Deferred tax liabilities |
26 |
|
|
28 |
|
Other non-current liabilities |
71 |
|
|
92 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,344 |
|
|
1,348 |
|
Retained earnings |
1,633 |
|
|
1,623 |
|
Accumulated other comprehensive loss |
(310 |
) |
|
(304 |
) |
Treasury stock |
(2,269 |
) |
|
(2,281 |
) |
Total Visteon Corporation stockholders’ equity |
399 |
|
|
387 |
|
Non-controlling interests |
94 |
|
|
123 |
|
Total equity |
493 |
|
|
510 |
|
Total liabilities and equity |
$ |
2,060 |
|
|
$ |
2,271 |
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions) (Unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
OPERATING |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
7 |
|
|
$ |
10 |
|
|
$ |
15 |
|
|
$ |
(68 |
) |
Adjustments to reconcile net income (loss) to net cash provided
from (used by) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
27 |
|
|
25 |
|
|
82 |
|
|
75 |
|
Non-cash stock-based compensation |
|
4 |
|
|
4 |
|
|
13 |
|
|
13 |
|
Equity in net loss (income) of non-consolidated affiliates, net of
dividends remitted |
|
14 |
|
|
(2 |
) |
|
14 |
|
|
(4 |
) |
Other non-cash items |
|
1 |
|
|
(1 |
) |
|
4 |
|
|
1 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(1 |
) |
|
(132 |
) |
|
50 |
|
|
38 |
|
Inventories |
|
(47 |
) |
|
10 |
|
|
(82 |
) |
|
5 |
|
Accounts payable |
|
(2 |
) |
|
160 |
|
|
(68 |
) |
|
11 |
|
Other assets and other liabilities |
|
(16 |
) |
|
36 |
|
|
(40 |
) |
|
26 |
|
Net cash provided from (used by) operating activities |
|
(13 |
) |
|
110 |
|
|
(12 |
) |
|
97 |
|
INVESTING |
|
|
|
|
|
|
|
|
Capital expenditures, including intangibles |
|
(21 |
) |
|
(18 |
) |
|
(54 |
) |
|
(83 |
) |
Contributions to equity method investments |
|
(1 |
) |
|
(1 |
) |
|
(3 |
) |
|
(1 |
) |
Loan repayments from non-consolidated affiliates |
|
— |
|
|
— |
|
|
2 |
|
|
2 |
|
Other |
|
3 |
|
|
(1 |
) |
|
5 |
|
|
5 |
|
Net cash used by investing activities |
|
(19 |
) |
|
(20 |
) |
|
(50 |
) |
|
(77 |
) |
FINANCING |
|
|
|
|
|
|
|
|
Borrowings on revolving credit facility |
|
— |
|
|
— |
|
|
— |
|
|
400 |
|
Payments on revolving credit facility |
|
— |
|
|
(400 |
) |
|
— |
|
|
(400 |
) |
Repurchase of common stock |
|
— |
|
|
— |
|
|
— |
|
|
(16 |
) |
Dividends paid to non-controlling interests |
|
(32 |
) |
|
— |
|
|
(33 |
) |
|
(7 |
) |
Short-term debt, net |
|
— |
|
|
(23 |
) |
|
6 |
|
|
(37 |
) |
Other |
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
Net cash used by financing activities |
|
(32 |
) |
|
(423 |
) |
|
(26 |
) |
|
(60 |
) |
Effect of exchange rate changes on cash |
|
(5 |
) |
|
9 |
|
|
(11 |
) |
|
6 |
|
Net decrease in cash, equivalents, and restricted cash |
|
(69 |
) |
|
(324 |
) |
|
(99 |
) |
|
(34 |
) |
Cash, equivalents, and restricted cash at beginning of the
period |
|
470 |
|
|
759 |
|
|
500 |
|
|
469 |
|
Cash, equivalents, and restricted cash at end of the period |
|
$ |
401 |
|
|
$ |
435 |
|
|
$ |
401 |
|
|
$ |
435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Estimated |
|
September 30, |
|
September 30, |
|
Full Year |
Visteon: |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Net income (loss) attributable to Visteon Corporation |
$ |
5 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
(74 |
) |
|
$ |
(5 |
) |
Depreciation and amortization |
27 |
|
|
25 |
|
|
82 |
|
|
75 |
|
|
110 |
|
Provision for income taxes |
4 |
|
|
12 |
|
|
20 |
|
|
19 |
|
|
27 |
|
Non-cash, stock-based compensation expense |
4 |
|
|
4 |
|
|
13 |
|
|
13 |
|
|
18 |
|
Interest expense, net |
2 |
|
|
5 |
|
|
6 |
|
|
10 |
|
|
8 |
|
Net income attributable to non-controlling interests |
2 |
|
|
4 |
|
|
5 |
|
|
6 |
|
|
7 |
|
Restructuring, net |
(2 |
) |
|
32 |
|
|
(2 |
) |
|
69 |
|
|
2 |
|
Equity in net income of non-consolidated affiliates |
(2 |
) |
|
(2 |
) |
|
(2 |
) |
|
(4 |
) |
|
(3 |
) |
Other |
2 |
|
|
1 |
|
|
4 |
|
|
3 |
|
|
6 |
|
Adjusted EBITDA |
$ |
42 |
|
|
$ |
87 |
|
|
$ |
136 |
|
|
$ |
117 |
|
|
$ |
170 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months Ended |
|
Estimated |
|
September 30, |
|
September 30, |
|
Full Year |
Visteon: |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Cash provided from (used by) operating activities |
$ |
(13 |
) |
|
$ |
110 |
|
|
$ |
(12 |
) |
|
$ |
97 |
|
|
$ |
50 |
|
Capital expenditures, including intangibles |
(21 |
) |
|
(18 |
) |
|
(54 |
) |
|
(83 |
) |
|
(85 |
) |
Free cash flow |
$ |
(34 |
) |
|
$ |
92 |
|
|
$ |
(66 |
) |
|
$ |
14 |
|
|
$ |
(35 |
) |
Restructuring related payments |
4 |
|
|
11 |
|
|
29 |
|
|
23 |
|
|
35 |
|
Adjusted free cash flow |
$ |
(30 |
) |
|
$ |
103 |
|
|
$ |
(37 |
) |
|
$ |
37 |
|
|
$ |
— |
|
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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) attributable to Visteon |
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
(74 |
) |
|
|
|
|
|
|
|
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
Net income (loss) attributable to Visteon |
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
(74 |
) |
Average shares outstanding, diluted |
|
28.4 |
|
|
28.0 |
|
|
28.3 |
|
|
27.9 |
|
Diluted earnings (loss) per share |
|
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.35 |
|
|
$ |
(2.65 |
) |
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) and adjusted earnings (loss) per
share: |
|
|
|
|
|
|
|
|
Net income (loss) attributable to Visteon |
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
(74 |
) |
Restructuring, net |
|
(2 |
) |
|
32 |
|
|
(2 |
) |
|
69 |
|
Other, including tax effects of adjustments |
|
2 |
|
|
1 |
|
|
4 |
|
|
2 |
|
Adjusted net income (loss) |
|
$ |
5 |
|
|
$ |
39 |
|
|
$ |
12 |
|
|
$ |
(3 |
) |
Average shares outstanding, diluted |
|
28.4 |
|
|
28.0 |
|
|
28.3 |
|
|
27.9 |
|
Adjusted earnings (loss) per share |
|
$ |
0.18 |
|
|
$ |
1.39 |
|
|
$ |
0.42 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
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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