Visteon Announces Second-Quarter 2019 Results

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
June 30
  Six Months Ended
June 30
Net income attributable to Visteon: 2019  2018  2019  2018
Net income$7  $36  $21  $99 
Discontinued operations  (1)   1 
Net income attributable to Visteon$7  $35  $21  $100 


  Three Months Ended
June 30
  Six Months Ended
June 30
  2019  2018  2019  2018
Diluted earnings per share:       
Net income attributable to Visteon$7  $35  $21  $100 
Average shares outstanding, diluted (in millions) 28.2     29.9     28.2     30.4  
Diluted earnings per share $ 0.25     $ 1.17     $ 0.74     $ 3.29  
               
Adjusted earnings per share :              
Net income attributable to Visteon $ 7     $ 35     $ 21     $ 100  
Restructuring, net     5     1     10  
Other 1         1     (4 )
Income (loss) from discontinued operations, net of tax     1         (1 )
Adjusted net income $ 8     $ 41     $ 23     $ 105  
Average shares outstanding, diluted (in millions) 28.2     29.9     28.2     30.4  
Adjusted earnings per share $ 0.28     $ 1.37     $ 0.82     $ 3.45  
           

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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