About Visteon
Visteon is a global company that designs, engineers and manufactures innovative products for nearly every vehicle manufacturer worldwide. Visteon currently delivers value for its customers and shareholders through two technology-focused businesses: vehicle cockpit electronics and thermal management. Visteon currently owns 70 percent of Halla Visteon Climate Control Corp., one of only two global full-line automotive thermal management suppliers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has approximately 26,000 employees at facilities in 26 countries. Visteon had sales of $7.5 billion in 2014. Learn more at www.visteon.com.
Conference Call and Presentation
Today, Thursday, May 7, at 9 a.m. EDT, 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: 855-855-4109
Outside U.S./Canada: 706-643-3752
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, the financial results news release, related presentation materials and other supplemental information will be accessible through Visteon's website at www.visteon.com.
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 25727360. 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 restructurings, 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, 2014).
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 March 31, 2015. 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 2015 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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VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Millions, Except Per Share Data) (Unaudited) | |||||||
| |||||||
|
Three Months Ended | ||||||
|
March 31 | ||||||
|
2015 |
|
2014 | ||||
|
|
|
| ||||
Sales |
$ |
2,029 |
|
|
$ |
1,718 |
|
Cost of sales |
1,817 |
|
|
1,539 |
| ||
Gross margin |
212 |
|
|
179 |
| ||
Selling, general and administrative expenses |
96 |
|
|
81 |
| ||
Transformation and integration costs |
14 |
|
|
6 |
| ||
Interest expense, net |
6 |
|
|
8 |
| ||
Restructuring expense |
4 |
|
|
1 |
| ||
Equity in net income of non-consolidated affiliates |
2 |
|
|
2 |
| ||
Income from continuing operations before income taxes |
94 |
|
|
85 |
| ||
Provision for income taxes |
1 |
|
|
31 |
| ||
Net income from continuing operations |
93 |
|
|
54 |
| ||
Loss from discontinued operations, net of tax |
(23) |
|
|
(6) |
| ||
Net income |
70 |
|
|
48 |
| ||
Net income attributable to non-controlling interests |
20 |
|
|
29 |
| ||
Net income attributable to Visteon Corporation |
$ |
50 |
|
|
$ |
19 |
|
|
|
|
| ||||
Earnings (loss) per share data: |
|
|
| ||||
Basic earnings (loss) per share |
|
|
| ||||
Continuing operations |
$ |
1.64 |
|
|
$ |
0.53 |
|
Discontinued operations |
(0.51) |
|
|
(0.14) |
| ||
Basic earnings per share attributable to Visteon Corporation |
$ |
1.13 |
|
|
$ |
0.39 |
|
|
|
|
| ||||
Diluted earnings (loss) per share |
|
|
| ||||
Continuing operations |
$ |
1.60 |
|
|
$ |
0.52 |
|
Discontinued operations |
(0.50) |
|
|
(0.14) |
| ||
Diluted earnings per share attributable to Visteon Corporation |
$ |
1.10 |
|
|
$ |
0.38 |
|
|
|
|
| ||||
Average shares outstanding (in millions) |
|
|
| ||||
Basic |
44.4 |
|
|
48.4 |
| ||
Diluted |
45.5 |
|
|
49.6 |
| ||
|
|
|
| ||||
Comprehensive income: |
|
|
| ||||
Comprehensive income |
$ |
20 |
|
|
$ |
27 |
|
Comprehensive income attributable to Visteon Corporation |
$ |
8 |
|
|
$ |
7 |
|