Visteon Corporation (Nasdaq: VC) today announced full-year 2018
results, reporting net income attributable to Visteon of $164
million or $5.52 per diluted share, compared with $176 million or
$5.47 per diluted share in 2017.
Full-year sales in 2018 were $2,984 million,
compared with $3,146 million in 2017. The decrease of $162 million
is primarily due to unfavorable vehicle production volumes,
customer pricing net of design changes, and product mix, partially
offset by new business and favorable currency. Net cash provided
from operating activities was $204 million for full-year 2018,
compared with $215 million in 2017.
In 2018, global vehicle manufacturers awarded
Visteon new business of $6.9 billion. New business win growth was
driven by new digital products, primarily all-digital clusters and
audio infotainment.
"The market environment in 2018 was very
challenging, as vehicle production softened in the second half of
the year,” said President and CEO Sachin Lawande. "Despite these
challenges, Visteon made significant progress in the transformation
of its business. We launched the industry's first production
cockpit domain controller with Daimler and secured significant new
business wins in the fast-growing digital cluster and infotainment
segments. By winning approximately $7 billion in new business for
the second consecutive year -- and adding five new customers in the
process -- we strengthened Visteon’s position toward achieving our
long-term growth targets."
Fourth Quarter in Review
Sales totaled $731 million and $797 million
during the fourth quarters of 2018 and 2017, respectively. The
year-over-year decrease was primarily related to unfavorable
vehicle production volumes, customer pricing net of design changes,
and unfavorable currency impacts. On a regional basis, in the
fourth quarter of 2018 Europe accounted for 29 percent of sales;
China Domestic 16 percent; China Export 9 percent; the Americas 24
percent; and Other Asia-Pacific 22 percent.
Gross margin for the fourth quarter of 2018 and
2017 was $96 million and $137 million, respectively. Adjusted
EBITDA, a non-GAAP measure as defined below, was $74 million for
the fourth quarter of 2018, compared with $102 million for the same
quarter last year. Adjusted EBITDA margin was 10.1 percent for the
fourth quarter of 2018, 270 basis points lower than the same period
in the prior year.
For the fourth quarter of 2018, net income
attributable to Visteon was $43 million or $1.49 per diluted share,
compared with $25 million or $0.79 per diluted share for the same
period in 2017. Adjusted net income, which excludes restructuring
charges and discontinued operations, was $44 million or $1.52 per
diluted share for the fourth quarter of 2018, compared with $52
million or $1.64 per diluted share for the same period in 2017.
Cash and Debt Balances
As of Dec. 31, 2018, Visteon had cash totaling
$467 million. Total debt as of Dec. 31 was $405 million.
For the fourth quarter of 2018, cash from
operations was $97 million and capital expenditures were $31
million. Full-year cash from operations was $204 million and
capital expenditures were $127 million. Total Visteon adjusted free
cash flow, a non-GAAP financial measure as defined below, for the
fourth quarter and the full-year was $72 million and $107 million,
respectively.
Share Repurchases
On Jan. 15, 2018, Visteon's Board of Directors
authorized the purchase of up to $700 million of the company's
shares outstanding. During 2018, the company completed $300 million
of the authorized repurchases by acquiring 2,805,531 shares at an
average price of $106.92. As of Dec. 31, 2018, the company had 28.4
million diluted shares of common stock outstanding. Visteon is
authorized to purchase an additional $400 million of shares through
Dec. 31, 2020.
Full-Year 2019 Outlook
Visteon affirmed its full-year 2019 guidance,
with sales in the range of $2.90 billion to $3.00 billion, adjusted
EBITDA in the range of $280 million to $310 million, and adjusted
free cash flow in the range of $80 million to $100 million.
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 10,000
employees at more than 40 facilities in 18 countries. Visteon had
sales of approximately $3 billion in 2018. Learn more at
www.visteon.com.
Conference Call and Presentation
Today, Thursday, Feb. 21, 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: 866-411-5196Outside 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 3164539. 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 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; 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, 2018).
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, 2018. 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 2018
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:
http://twitter.com/visteonhttp://www.youtube.com/user/visteon?feature=results_main http://blog.visteon.com/ http://www.linkedin.com/company/2865?trk=vsrp_companies_res_photo&trkInfo=VSRPsearchId:522343161373310041683,VSRPtargetId:2865,VSRPcmpt:primary https://plus.google.com/+visteon https://www.facebook.com/VisteonCorporation https://www.instagram.com/visteon/ http://www.slideshare.net/VisteonCorporation http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0
Contacts:
Media:
Jim Fisher734-710-5557734-417-6184 –
mobilejfishe89@visteon.com
Investors:
Kris Doyle734-710-7893kdoyle@visteon.com
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited, Dollars in Millions, Except Per
Share Data) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31 |
|
December 31 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
731 |
|
|
$ |
797 |
|
|
$ |
2,984 |
|
|
$ |
3,146 |
|
Cost of sales |
(635 |
) |
|
(660 |
) |
|
(2,573 |
) |
|
(2,655 |
) |
Gross margin |
96 |
|
|
137 |
|
|
411 |
|
|
491 |
|
Selling, general and
administrative expenses |
(54 |
) |
|
(65 |
) |
|
(193 |
) |
|
(226 |
) |
Restructuring expense,
net |
(1 |
) |
|
(4 |
) |
|
(29 |
) |
|
(14 |
) |
Interest expense,
net |
(1 |
) |
|
(4 |
) |
|
(7 |
) |
|
(16 |
) |
Equity in net income of
non-consolidated affiliates |
3 |
|
|
1 |
|
|
13 |
|
|
7 |
|
Loss on
divestiture |
— |
|
|
(33 |
) |
|
— |
|
|
(33 |
) |
Other income |
4 |
|
|
3 |
|
|
21 |
|
|
14 |
|
Income from continuing
operations before income taxes |
47 |
|
|
35 |
|
|
216 |
|
|
223 |
|
Provision for income
taxes |
(1 |
) |
|
(14 |
) |
|
(43 |
) |
|
(48 |
) |
Net income from
continuing operations |
46 |
|
|
21 |
|
|
173 |
|
|
175 |
|
Net (loss) income from
discontinued operations, net of tax |
(1 |
) |
|
9 |
|
|
1 |
|
|
17 |
|
Net income |
45 |
|
|
30 |
|
|
174 |
|
|
192 |
|
Net income attributable
to non-controlling interests |
(2 |
) |
|
(5 |
) |
|
(10 |
) |
|
(16 |
) |
Net income attributable
to Visteon Corporation |
$ |
43 |
|
|
$ |
25 |
|
|
$ |
164 |
|
|
$ |
176 |
|
|
|
|
|
|
|
|
|
Earnings per share
data: |
|
|
|
|
|
|
|
Basic earnings (loss)
per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
1.53 |
|
|
$ |
0.52 |
|
|
$ |
5.53 |
|
|
$ |
5.03 |
|
Discontinued operations |
(0.03 |
) |
|
0.29 |
|
|
0.03 |
|
|
0.54 |
|
Basic earnings per
share attributable to Visteon Corporation |
$ |
1.50 |
|
|
$ |
0.81 |
|
|
$ |
5.56 |
|
|
$ |
5.57 |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
1.52 |
|
|
$ |
0.51 |
|
|
$ |
5.49 |
|
|
$ |
4.94 |
|
Discontinued operations |
(0.03 |
) |
|
0.28 |
|
|
0.03 |
|
|
0.53 |
|
Diluted earnings per
share attributable to Visteon Corporation |
$ |
1.49 |
|
|
$ |
0.79 |
|
|
$ |
5.52 |
|
|
$ |
5.47 |
|
|
|
|
|
|
|
|
|
Average shares
outstanding (in millions) |
|
|
|
|
|
|
|
Basic |
28.7 |
|
|
31.0 |
|
|
29.5 |
|
|
31.6 |
|
Diluted |
28.9 |
|
|
31.7 |
|
|
29.7 |
|
|
32.2 |
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
Comprehensive
income |
$ |
37 |
|
|
$ |
51 |
|
|
$ |
128 |
|
|
$ |
256 |
|
Comprehensive income
attributable to Visteon Corporation |
$ |
35 |
|
|
$ |
45 |
|
|
$ |
122 |
|
|
$ |
235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited, Dollars in Millions) |
|
|
|
|
|
|
|
|
|
December 31 |
|
December 31 |
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
|
|
Cash and
equivalents |
$ |
463 |
|
|
$ |
706 |
|
Restricted cash |
4 |
|
|
3 |
|
Accounts receivable,
net |
486 |
|
|
530 |
|
Inventories, net |
184 |
|
|
189 |
|
Other current
assets |
159 |
|
|
175 |
|
Total current
assets |
1,296 |
|
|
1,603 |
|
|
|
|
|
Property and equipment,
net |
397 |
|
|
377 |
|
Intangible assets,
net |
129 |
|
|
132 |
|
Investments in
non-consolidated affiliates |
42 |
|
|
41 |
|
Other non-current
assets |
143 |
|
|
151 |
|
Total assets |
$ |
2,007 |
|
|
$ |
2,304 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt,
including current portion of long-term debt |
$ |
57 |
|
|
$ |
46 |
|
Accounts payable |
436 |
|
|
470 |
|
Accrued employee
liabilities |
67 |
|
|
105 |
|
Other current
liabilities |
161 |
|
|
180 |
|
Total current
liabilities |
721 |
|
|
801 |
|
|
|
|
|
Long-term debt |
348 |
|
|
347 |
|
Employee benefits |
257 |
|
|
277 |
|
Deferred tax
liabilities |
23 |
|
|
23 |
|
Other non-current
liabilities |
76 |
|
|
95 |
|
|
|
|
|
Stockholders’
equity |
|
|
|
Common
stock |
1 |
|
|
1 |
|
Additional paid-in capital |
1,335 |
|
|
1,339 |
|
Retained
earnings |
1,609 |
|
|
1,445 |
|
Accumulated other comprehensive loss |
(216 |
) |
|
(174 |
) |
Treasury
stock |
(2,264 |
) |
|
(1,974 |
) |
Total Visteon
Corporation stockholders’ equity |
465 |
|
|
637 |
|
Non-controlling
interests |
117 |
|
|
124 |
|
Total equity |
582 |
|
|
761 |
|
Total liabilities and
equity |
$ |
2,007 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
1 (Unaudited, Dollars in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31 |
|
December 31 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
OPERATING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
45 |
|
|
$ |
30 |
|
|
$ |
174 |
|
|
$ |
192 |
|
Adjustments to
reconcile net income to net cash provided from operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
24 |
|
|
25 |
|
|
91 |
|
|
87 |
|
Losses on
divestitures and impairments |
— |
|
|
33 |
|
|
— |
|
|
33 |
|
Non-cash
stock-based compensation |
4 |
|
|
3 |
|
|
8 |
|
|
12 |
|
Transaction (gains) |
— |
|
|
— |
|
|
(8 |
) |
|
(11 |
) |
Equity in
net income of non-consolidated affiliates, net of dividends
remitted |
(3 |
) |
|
(1 |
) |
|
(13 |
) |
|
(7 |
) |
Other
non-cash items |
1 |
|
|
(1 |
) |
|
3 |
|
|
1 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts
receivable |
(38 |
) |
|
(19 |
) |
|
44 |
|
|
10 |
|
Inventories |
39 |
|
|
12 |
|
|
1 |
|
|
(3 |
) |
Accounts
payable |
(2 |
) |
|
(15 |
) |
|
(19 |
) |
|
(54 |
) |
Other
assets and other liabilities |
27 |
|
|
19 |
|
|
(77 |
) |
|
(45 |
) |
Net cash provided from
operating activities |
97 |
|
|
86 |
|
|
204 |
|
|
215 |
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
(31 |
) |
|
(30 |
) |
|
(127 |
) |
|
(99 |
) |
Acquisition of
businesses, net of cash acquired |
— |
|
|
— |
|
|
16 |
|
|
(47 |
) |
Payments on divestiture
of businesses |
— |
|
|
(48 |
) |
|
— |
|
|
(48 |
) |
Settlement of net
investment hedge |
— |
|
|
— |
|
|
— |
|
|
5 |
|
Proceeds from asset
sales and business divestitures |
— |
|
|
— |
|
|
— |
|
|
15 |
|
Other, net |
— |
|
|
— |
|
|
13 |
|
|
1 |
|
Net cash used by
investing activities |
(31 |
) |
|
(78 |
) |
|
(98 |
) |
|
(173 |
) |
FINANCING |
|
|
|
|
|
|
|
Short-term debt,
net |
25 |
|
|
2 |
|
|
12 |
|
|
10 |
|
Distribution
payments |
— |
|
|
— |
|
|
(14 |
) |
|
(1 |
) |
Stock based
compensation tax withholding payments |
— |
|
|
— |
|
|
(7 |
) |
|
(1 |
) |
Principal payments on
debt |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
Dividends paid to
non-controlling interests |
(16 |
) |
|
(9 |
) |
|
(28 |
) |
|
(38 |
) |
Repurchase of common
stock |
(50 |
) |
|
(30 |
) |
|
(300 |
) |
|
(200 |
) |
Other |
— |
|
|
1 |
|
|
2 |
|
|
(2 |
) |
Net cash used by
financing activities |
(41 |
) |
|
(36 |
) |
|
(335 |
) |
|
(234 |
) |
Effect of exchange rate
changes on cash and equivalents |
— |
|
|
2 |
|
|
(13 |
) |
|
19 |
|
Net increase (decrease)
in cash and equivalents |
25 |
|
|
(26 |
) |
|
(242 |
) |
|
(173 |
) |
Cash and equivalents at
beginning of period |
442 |
|
|
735 |
|
|
709 |
|
|
882 |
|
Cash and equivalents at
end of period |
$ |
467 |
|
|
$ |
709 |
|
|
$ |
467 |
|
|
$ |
709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2019 |
Net income attributable
to Visteon |
$ |
43 |
|
|
$ |
25 |
|
|
$ |
164 |
|
|
$ |
176 |
|
|
$89 - $114 |
Depreciation and amortization |
24 |
|
|
25 |
|
|
91 |
|
|
87 |
|
|
92 |
Restructuring expense, net |
1 |
|
|
4 |
|
|
29 |
|
|
14 |
|
|
25 |
Interest
expense, net |
1 |
|
|
4 |
|
|
7 |
|
|
16 |
|
|
9 |
Equity in
net income of non-consolidated affiliates |
(3 |
) |
|
(1 |
) |
|
(13 |
) |
|
(7 |
) |
|
(12) |
Loss on
divestiture |
— |
|
|
33 |
|
|
— |
|
|
33 |
|
|
— |
Provision
for income taxes |
1 |
|
|
14 |
|
|
43 |
|
|
48 |
|
|
45 -
50 |
Net loss
(income) from discontinued operations, net of tax |
1 |
|
|
(9 |
) |
|
(1 |
) |
|
(17 |
) |
|
— |
Net
income attributable to non-controlling interests |
2 |
|
|
5 |
|
|
10 |
|
|
16 |
|
|
12 |
Non-cash,
stock-based compensation expense |
4 |
|
|
3 |
|
|
8 |
|
|
12 |
|
|
20 |
Other |
— |
|
|
(1 |
) |
|
(8 |
) |
|
(8 |
) |
|
— |
Adjusted EBITDA |
$ |
74 |
|
|
$ |
102 |
|
|
$ |
330 |
|
|
$ |
370 |
|
|
$280 - $310 |
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.
|
Three Months Ended |
|
Twelve Months Ended |
|
Estimated |
|
December 31 |
|
December 31 |
|
Full Year |
Total
Visteon: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2019 |
Cash provided from
operating activities |
$ |
97 |
|
|
$ |
86 |
|
|
$ |
204 |
|
|
$ |
215 |
|
|
$200 - $210 |
Capital
expenditures |
(31 |
) |
|
(30 |
) |
|
(127 |
) |
|
(99 |
) |
|
(145 -
135) |
Free cash flow |
$ |
66 |
|
|
$ |
56 |
|
|
$ |
77 |
|
|
$ |
116 |
|
|
$55 - $75 |
Restructuring/transformation-related payments |
6 |
|
|
2 |
|
|
30 |
|
|
30 |
|
|
25 -
25 |
Adjusted free cash
flow |
$ |
72 |
|
|
$ |
58 |
|
|
$ |
107 |
|
|
$ |
146 |
|
|
$80 - $100 |
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, other
net expenses, 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 |
|
December 31 |
Net income
attributable to Visteon: |
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
$ |
44 |
|
|
$ |
16 |
|
|
$ |
163 |
|
|
$ |
159 |
|
Discontinued
operations |
|
(1 |
) |
|
|
9 |
|
|
|
1 |
|
|
|
17 |
|
Net income attributable
to Visteon |
$ |
43 |
|
|
$ |
25 |
|
|
$ |
164 |
|
|
$ |
176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31,
2018 |
|
Twelve Months EndedDecember 31,
2018 |
|
ContinuingOperations |
|
DiscontinuedOperations |
|
TotalVisteon |
|
ContinuingOperations |
|
DiscontinuedOperations |
|
TotalVisteon |
Diluted earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Visteon |
$ |
44 |
|
|
$ |
(1 |
) |
|
$ |
43 |
|
|
$ |
163 |
|
|
$ |
1 |
|
|
$ |
164 |
|
Average shares
outstanding, diluted (in millions) |
|
28.9 |
|
|
|
28.9 |
|
|
|
28.9 |
|
|
|
29.7 |
|
|
|
29.7 |
|
|
|
29.7 |
|
Diluted earnings (loss)
per share |
$ |
1.53 |
|
|
$ |
(0.03 |
) |
|
$ |
1.49 |
|
|
$ |
5.49 |
|
|
$ |
0.03 |
|
|
$ |
5.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Visteon |
$ |
44 |
|
|
$ |
(1 |
) |
|
$ |
43 |
|
|
$ |
163 |
|
|
|
1 |
|
|
$ |
164 |
|
Restructuring expense,
net |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
29 |
|
|
|
1 |
|
|
|
30 |
|
Other |
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(11 |
) |
Loss (income) from
discontinued operations, net of tax |
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Adjusted net
income* |
$ |
44 |
|
|
$ |
— |
|
|
$ |
44 |
|
|
$ |
182 |
|
|
$ |
— |
|
|
$ |
182 |
|
Average shares
outstanding, diluted (in millions) |
|
28.9 |
|
|
|
28.9 |
|
|
|
28.9 |
|
|
|
29.7 |
|
|
|
29.7 |
|
|
|
29.7 |
|
Adjusted earnings per
share |
$ |
1.52 |
|
|
$ |
— |
|
|
$ |
1.52 |
|
|
$ |
6.13 |
|
|
$ |
— |
|
|
$ |
6.13 |
|
*Tax impacts of approximately $2M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31,
2017 |
|
Twelve Months EndedDecember 31,
2017 |
|
ContinuingOperations |
|
DiscontinuedOperations |
|
TotalVisteon |
|
ContinuingOperations |
|
DiscontinuedOperations |
|
TotalVisteon |
Diluted
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Visteon |
$ |
16 |
|
|
$ |
9 |
|
|
$ |
25 |
|
|
$ |
159 |
|
|
$ |
17 |
|
|
$ |
176 |
|
Average shares
outstanding, diluted (in millions) |
|
31.7 |
|
|
|
31.7 |
|
|
|
31.7 |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
32.2 |
|
Diluted earnings per
share |
$ |
0.50 |
|
|
$ |
0.28 |
|
|
$ |
0.79 |
|
|
$ |
4.94 |
|
|
$ |
0.53 |
|
|
$ |
5.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Visteon |
$ |
16 |
|
|
$ |
9 |
|
|
$ |
25 |
|
|
$ |
159 |
|
|
$ |
17 |
|
|
$ |
176 |
|
Restructuring expense,
net |
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Loss on
divestiture |
|
33 |
|
|
|
— |
|
|
|
33 |
|
|
|
33 |
|
|
|
— |
|
|
|
33 |
|
Other |
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
(8 |
) |
Income from
discontinued operations, net of tax |
|
— |
|
|
|
(9 |
) |
|
|
(9 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
(17 |
) |
Adjusted net
income |
$ |
52 |
|
|
$ |
— |
|
|
$ |
52 |
|
|
$ |
198 |
|
|
$ |
— |
|
|
$ |
198 |
|
Average shares
outstanding, diluted (in millions) |
|
31.7 |
|
|
|
31.7 |
|
|
|
31.7 |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
32.2 |
|
Adjusted earnings per
share |
$ |
1.64 |
|
|
$ |
— |
|
|
$ |
1.64 |
|
|
$ |
6.15 |
|
|
$ |
— |
|
|
$ |
6.15 |
|
*Tax impacts of adjustments less than $1M.
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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