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 June 30, 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 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.
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Contacts:
Media:
Jim Fisher
734-710-5557
734-417-6184 – mobile
jfishe89@visteon.com
Investors:
Kris Doyle
734-710-7893
kdoyle@visteon.com
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Millions, Except Per Share Data)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Sales | $ | 733 | $ | 758 | $ | 1,470 | $ | 1,572 | |||||||
| Cost of sales | (663 | ) | (654 | ) | (1,334 | ) | (1,339 | ) | |||||||
| Gross margin | 70 | 104 | 136 | 233 | |||||||||||
| Selling, general and administrative expenses | (58 | ) | (55 | ) | (115 | ) | (99 | ) | |||||||
| Restructuring expense | — | (5 | ) | (1 | ) | (10 | ) | ||||||||
| Interest expense, net | (2 | ) | (2 | ) | (4 | ) | (4 | ) | |||||||
| Equity in net income of non-consolidated affiliates | 3 | 4 | 6 | 7 | |||||||||||
| Other income, net | 3 | 3 | 5 | 10 | |||||||||||
| Income before income taxes | 16 | 49 | 27 | 137 | |||||||||||
| Provision for income taxes | (8 | ) | (12 | ) | (3 | ) | (33 | ) | |||||||
| Net income from continuing operations | 8 | 37 | 24 | 104 | |||||||||||
| Income (loss) from discontinued operations, net of tax | — | (1 | ) | — | 1 | ||||||||||
| Net income | 8 | 36 | 24 | 105 | |||||||||||
| Net income attributable to non-controlling interests | (1 | ) | (1 | ) | (3 | ) | (5 | ) | |||||||
| Net income attributable to Visteon Corporation | $ | 7 | $ | 35 | $ | 21 | $ | 100 | |||||||
| Comprehensive income (loss) | $ | 4 | $ | (9 | ) | $ | 25 | $ | 83 | ||||||
| Comprehensive income (loss) attributable to Visteon Corporation | $ | 4 | $ | (3 | ) | $ | 22 | $ | 79 | ||||||
| Earnings per share data : | |||||||||||||||
| Basic earnings (loss) per share | |||||||||||||||
| Continuing operations | $ | 0.25 | $ | 1.22 | $ | 0.75 | $ | 3.29 | |||||||
| Discontinued operations | — | (0.03 | ) | — | 0.03 | ||||||||||
| Basic earnings per share attributable to Visteon Corporation | $ | 0.25 | $ | 1.19 | $ | 0.75 | $ | 3.32 | |||||||
| Diluted earnings (loss) per share | |||||||||||||||
| Continuing operations | $ | 0.25 | $ | 1.20 | $ | 0.74 | $ | 3.26 | |||||||
| Discontinued operations | — | (0.03 | ) | — | 0.03 | ||||||||||
| Diluted earnings per share attributable to Visteon Corporation | $ | 0.25 | $ | 1.17 | $ | 0.74 | $ | 3.29 | |||||||
| Average shares outstanding (in millions) | |||||||||||||||
| Basic | 28.1 | 29.6 | 28.1 | 30.1 | |||||||||||
| Diluted | 28.2 | 29.9 | 28.2 | 30.4 | |||||||||||
VISTEON CORPORATION AND SUBSIDIARIES
