Visteon Announces Second-Quarter 2015 Results

For the second quarter of 2015, Visteon generated $31 million of cash from operations, consistent with $31 million in the same period a year earlier. Capital expenditures in the quarter were $67 million -- $8 million lower than in the second quarter of 2014. Adjusted free cash flow was $33 million in the quarter, compared with a use of cash of $18 million in the second quarter of 2014.

Visteon generated $66 million of cash from operations related to the Electronics Product Group and Corporate costs. Electronics capital expenditures totaled $14 million, and adjusted free cash flow for Electronics and Corporate totaled $57 million in the quarter.

Full-Year 2015 Outlook

Visteon reaffirmed its full-year 2015 guidance for key financial metrics. The company projects 2015 sales for the Electronics Product Group of $3.0 billion. Adjusted EBITDA for the Electronics Product Group and Corporate costs is projected in the range of $245 million to $265 million. Adjusted free cash flow, as defined below, for the Electronics Product Group and Corporate costs is projected in the range of $40 million to $80 million.

About Visteon

Visteon is a global company that designs, engineers and manufactures innovative cockpit electronics products and connected car solutions for most of the world's major vehicle manufacturers. Visteon is a leading provider of driver information and controls, audio and infotainment, and domain controllers; its brands include Lightscape®, OpenAir® and SmartCore™. With corporate offices in Van Buren Township, Michigan, (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has more than 11,000 employees at 50 facilities in 21 countries. Visteon had sales of $2.6 billion in 2014. Learn more at www.visteon.com.

Conference Call and Presentation

Today, Wednesday, Aug. 5, 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 85650283. 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 June 30, 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.

Follow Visteon:
www.twitter.com/visteon
www.youtube.com/visteon
http://blog.visteon.com
www.google.com/+visteon
www.linkedin.com/company/visteon
https://www.facebook.com/VisteonCorporation

 

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


2015


2014


2015


2014









Sales

$

812



$

503



$

1,628



$

1,003


Cost of sales

713



446



1,417



873


Gross margin

99



57



211



130


Selling, general and administrative expenses

65



48



123



94


Restructuring expense

12



13



15



14


Interest expense, net

6



5



11



11


Loss on debt extinguishment

5



23



5



23


Equity in net income of non-consolidated affiliates

12



7



11



7


Gain on sale of non-consolidated affiliates

62



2



62



2


Other (income) expense, net

(4)



16



8



22


Income (loss) from continuing operations before income taxes

89



(39)



122



(25)


Provision (benefit) for income taxes

24



(2)



33



11


Net income (loss) from continuing operations

65



(37)



89



(36)


Income (loss) from discontinued operations, net of tax

2,159



(104)



2,205



(57)


Net income (loss)

2,224



(141)



2,294



(93)


Net income attributable to non-controlling interests

16



14



36



43


Net income (loss) attributable to Visteon Corporation

$

2,208



$

(155)



$

2,258



$

(136)










Earnings (loss) per share data:








Basic earnings (loss) per share








    Continuing operations

$

1.34



$

(0.89)



$

1.76



$

(1.04)


    Discontinued operations

49.54



(2.46)



49.79



(1.85)


Basic earnings (loss) per share attributable to Visteon Corporation

$

50.88



$

(3.35)



$

51.55



$

(2.89)










Diluted earnings (loss) per share








    Continuing operations

$

1.31



$

(0.89)



$

1.71



$

(1.04)


    Discontinued operations

48.42



(2.46)



48.58



(1.85)


Diluted earnings (loss) per share attributable to Visteon Corporation

$

49.73



$

(3.35)



$

50.29



$

(2.89)










Average shares outstanding (in millions)








Basic

43.4



46.2



43.8



47.1


Diluted

44.4



46.2



44.9



47.1










Comprehensive income:








Comprehensive income (loss)

$

2,303



$

(107)



$

2,323



$

(80)


Comprehensive income (loss) attributable to Visteon Corporation

$

2,288



$

(131)



$

2,296



$

(124)



« Previous Page 1 | 2 | 3 | 4  Next Page »
Featured Video
Editorial
Jobs
Mechanical Engineer 3 for Lam Research at Fremont, California
Mechanical Engineer 2 for Lam Research at Fremont, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
Upcoming Events
Celebrate Manufacturing Excellence at Anaheim Convention Center Anaheim CA - Feb 4 - 6, 2025
3DEXPERIENCE World 2025 at George R. Brown Convention Center Houston TX - Feb 23 - 26, 2025
TIMTOS 2025 at Nangang Exhibition Center Hall 1 & 2 (TaiNEX 1 & 2) TWTC Hall Taipei Taiwan - Mar 3 - 8, 2025
Automate 2025 at Detroit, Michigan, USA MI - May 12 - 15, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise