- Delivered strong financial performance
- Sales of
$774 million - Net income of
$45 million - Adjusted EBITDA of
$84 million - Increased
China domestic sales 38 percent year-over-year, excluding impact of currency - Awarded
$3.1 billion in new business year-to-date - Two additional SmartCore™ awards year-to-date
- Record
$17.3 billion order backlog - Executed
$160 million of share repurchases year-to-date
Electronics adjusted EBITDA, a non-GAAP financial measure as defined below, was
During the first half, global vehicle manufacturers awarded
"Our second-quarter performance was very solid, with improved year-over-year sales and adjusted EBITDA," said
Lawande added: "New business wins remained strong, with about 50 percent in the fast-growing segments of all-digital instrument clusters and display audio. With
Second Quarter in Review
Second-quarter sales were
Gross margin was
For the second quarter of 2017, the company reported net income attributable to
Sales totaled
Gross margin for the second quarter of 2017 was
Adjusted EBITDA for the
For the second quarter of 2017, net income was
Other Operations
By the end of 2016,
Cash and Debt Balances
As of
For the second quarter of 2017, cash from operations was
Share Repurchases
During the first half of the year, the company repurchased 1,659,466 shares at an average price of
Full-Year 2017 Outlook
About
Conference Call and Presentation
Today,
The dial-in numbers to participate in the call are:
U.S./
Outside U.S./
(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
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
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
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
Use of Non-GAAP Financial Information
This press release contains information about
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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 |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales |
$ |
774 |
$ |
773 |
$ |
1,584 |
$ |
1,575 |
|||||||
Cost of sales |
662 |
664 |
1,341 |
1,345 |
|||||||||||
Gross margin |
112 |
109 |
243 |
230 |
|||||||||||
Selling, general and administrative expenses |
53 |
54 |
104 |
110 |
|||||||||||
Restructuring expense |
3 |
7 |
4 |
17 |
|||||||||||
Interest expense, net |
4 |
3 |
9 |
5 |
|||||||||||
Equity in net income of non-consolidated affiliates |
3 |
3 |
5 |
3 |
|||||||||||
Other (income) expense, net |
(3) |
— |
(2) |
4 |
|||||||||||
Income before income taxes |
58 |
48 |
133 |
97 |
|||||||||||
Provision for income taxes |
10 |
9 |
26 |
22 |
|||||||||||
Net income from continuing operations |
48 |
39 |
107 |
75 |
|||||||||||
Income (loss) from discontinued operations, net of tax |
— |
(9) |
8 |
(22) |
|||||||||||
Net income |
48 |
30 |
115 |
53 |
|||||||||||
Net income attributable to non-controlling interests |
3 |
4 |
7 |
8 |
|||||||||||
Net income attributable to Visteon Corporation |
$ |
45 |
$ |
26 |
$ |
108 |
$ |
45 |
|||||||
Earnings per share data: |
|||||||||||||||
Basic earnings per share |
|||||||||||||||
Continuing operations |
$ |
1.43 |
$ |
1.03 |
$ |
3.12 |
$ |
1.85 |
|||||||
Discontinued operations |
— |
(0.26) |
0.25 |
(0.61) |
|||||||||||
Basic earnings per share attributable to Visteon Corporation |
$ |
1.43 |
$ |
0.77 |
$ |
3.37 |
$ |
1.24 |
|||||||
Diluted earnings per share |
|||||||||||||||
Continuing operations |
$ |
1.41 |
$ |
1.02 |
$ |
3.07 |
$ |
1.83 |
|||||||
Discontinued operations |
— |
(0.26) |
0.24 |
(0.60) |
|||||||||||
Diluted earnings per share attributable to Visteon Corporation |
$ |
1.41 |
$ |
0.76 |
$ |
3.31 |
$ |
1.23 |
|||||||
Average shares outstanding (in millions) |
|||||||||||||||
Basic |
31.5 |
34.0 |
32.1 |
36.3 |
|||||||||||
Diluted |
32.0 |
34.4 |
32.6 |
36.7 |
|||||||||||
Comprehensive income: |
|||||||||||||||
Comprehensive income |
$ |
56 |
$ |
29 |
$ |
146 |
$ |
71 |
|||||||
Comprehensive income attributable to Visteon Corporation |
$ |
52 |
$ |
27 |
$ |
137 |
$ |
65 |
VISTEON CORPORATION AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Dollars in Millions) |
|||||||
(Unaudited) |
|||||||
June 30 |
December 31 |
||||||
2017 |
2016 |
||||||
ASSETS |
|||||||
Cash and equivalents |
$ |
730 |
$ |
878 |
|||
Restricted cash |
4 |
4 |
|||||
Accounts receivable, net |
519 |
505 |
|||||
Inventories, net |
165 |
151 |
|||||
Other current assets |
159 |
170 |
|||||
Total current assets |
1,577 |
1,708 |
|||||
Property and equipment, net |
352 |
345 |
|||||
Intangible assets, net |
127 |
129 |
|||||
Investments in non-consolidated affiliates |
39 |
45 |
|||||
Other non-current assets |
151 |
146 |
|||||
Total assets |
$ |
2,246 |
$ |
2,373 |
|||
LIABILITIES AND EQUITY |
|||||||
Short-term debt, including current portion of long-term debt |
$ |
42 |
$ |
36 |
|||
Accounts payable |
439 |
463 |
|||||
Accrued employee liabilities |
90 |
103 |
|||||
Other current liabilities |
234 |
309 |
|||||
Total current liabilities |
805 |
911 |
|||||
Long-term debt |
347 |
346 |
|||||
Employee benefits |
305 |
303 |
|||||
Deferred tax liabilities |
22 |
20 |
|||||
Other non-current liabilities |
62 |
69 |
|||||
Stockholders' equity |
|||||||
Preferred stock |
— |
— |
|||||
Common stock |
1 |
1 |
|||||
Additional paid-in capital |
1,331 |
1,327 |
|||||
Retained earnings |
1,377 |
1,269 |
|||||
Accumulated other comprehensive loss |
(204) |
(233) |
|||||
Treasury stock |
(1,936) |
(1,778) |
|||||
Total Visteon Corporation stockholders' equity |
569 |
586 |
|||||
Non-controlling interests |
136 |
138 |
|||||
Total equity |
705 |
724 |
|||||
Total liabilities and equity |
$ |
2,246 |
$ |
2,373 |
VISTEON CORPORATION AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS 1 |
|||||||||||||||
(Dollars in Millions) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
June 30 |
June 30 |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
OPERATING |
|||||||||||||||
Net income |
$ |
48 |
$ |
30 |
$ |
115 |
$ |
53 |
|||||||
Adjustments to reconcile net income to net cash provided from operating activities: |
|||||||||||||||
Depreciation and amortization |
22 |
20 |
41 |
41 |
|||||||||||
Equity in net income of non-consolidated affiliates, net of dividends remitted |
(3) |
(3) |
(5) |
(3) |
|||||||||||
Non-cash stock-based compensation |
4 |
2 |
6 |
4 |
|||||||||||
Gain on India operations repurchase |
— |
— |
(7) |
— |
|||||||||||
(Gains) losses on divestitures and impairments |
(3) |
3 |
(2) |
4 |
|||||||||||
Other non-cash items |
— |
1 |
3 |
1 |
|||||||||||
Changes in assets and liabilities: |
|||||||||||||||
Accounts receivable |
47 |
51 |
8 |
27 |
|||||||||||
Inventories |
— |
(4) |
(8) |
5 |
|||||||||||
Accounts payable |
(38) |
(21) |
(20) |
(17) |
|||||||||||
Accrued income taxes |
2 |
(6) |
2 |
(49) |
|||||||||||
Other assets and other liabilities |
17 |
(1) |
(47) |
(52) |
|||||||||||
Net cash provided from operating activities |
96 |
72 |
86 |
14 |
|||||||||||
INVESTING |
|||||||||||||||
Capital expenditures |
(15) |
(12) |
(47) |
(37) |
|||||||||||
India operations repurchase |
— |
— |
(47) |
— |
|||||||||||
Climate Transaction withholding tax refund |
— |
— |
— |
356 |
|||||||||||
Settlement of net investment hedge |
5 |
— |
5 |
— |
|||||||||||
Short-term investments |
— |
— |
— |
47 |
|||||||||||
Loan to non-consolidated affiliates, net of repayments |
— |
(4) |
— |
(12) |
|||||||||||
Proceeds from asset sales and business divestitures |
3 |
1 |
13 |
4 |
|||||||||||
Net cash (used by) provided from investing activities |
(7) |
(15) |
(76) |
358 |
|||||||||||
FINANCING |
|||||||||||||||
Short-term debt, net |
(8) |
(10) |
7 |
(10) |
|||||||||||
Principal payments on debt |
— |
— |
(2) |
(1) |
|||||||||||
Distribution payment |
— |
— |
(1) |
(1,736) |
|||||||||||
Repurchase of common stock |
(35) |
— |
(160) |
(500) |
|||||||||||
Dividends paid to non-controlling interests |
(11) |
— |
(11) |
— |
|||||||||||
Stock based compensation tax withholding payments |
— |
— |
(1) |
(11) |
|||||||||||
Other |
— |
— |
(3) |
— |
|||||||||||
Net cash used by financing activities |
(54) |
(10) |
(171) |
(2,258) |
|||||||||||
Effect of exchange rate changes on cash and equivalents |
7 |
(3) |
13 |
4 |
|||||||||||
Net increase (decrease) in cash and equivalents |
42 |
44 |
(148) |
(1,882) |
|||||||||||
Cash and equivalents at beginning of period |
688 |
803 |
878 |
2,729 |
|||||||||||
Cash and equivalents at end of period |
$ |
730 |
$ |
847 |
$ |
730 |
$ |
847 |
1 The Company has combined cash flows from discontinued operations with cash flows from continuing operations within the operating, investing and financing categories. As such, cash and equivalents above include amounts reflected as assets held for sale within other current assets on the Consolidated Balance Sheets.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION 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 debt extinguishment, equity in net income of non-consolidated affiliates, loss on divestiture, gain on non-consolidated affiliate transactions, other net expense, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, and other non-operating gains and losses. 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 |
Six Months Ended |
Estimated |
|||||||||||||||
June 30 |
June 30 |
Full Year |
|||||||||||||||
Total Visteon |
2017 |
2016 |
2017 |
2016 |
2017 |
||||||||||||
Electronics |
$ |
84 |
$ |
79 |
$ |
185 |
$ |
173 |
|||||||||
Other |
— |
(2) |
— |
(7) |
|||||||||||||
Adjusted EBITDA |
84 |
77 |
185 |
166 |
$355 - $370 |
||||||||||||
Depreciation and amortization |
22 |
20 |
41 |
41 |
85 |
||||||||||||
Restructuring expense |
3 |
7 |
4 |
17 |
10 |
||||||||||||
Interest expense, net |
4 |
3 |
9 |
5 |
15 |
||||||||||||
Equity in net income of non-consolidated affiliates |
(3) |
(3) |
(5) |
(3) |
(10) |
||||||||||||
Other (income) expense, net |
(3) |
— |
(2) |
4 |
— |
||||||||||||
Provision for income taxes |
10 |
9 |
26 |
22 |
53 |
||||||||||||
(Income) loss from discontinued operations, net of tax |
— |
9 |
(8) |
22 |
(8) |
||||||||||||
Non-cash, stock-based compensation expense |
4 |
2 |
6 |
4 |
14 |
||||||||||||
Net income attributable to non-controlling interests |
3 |
4 |
7 |
8 |
15 |
||||||||||||
Other |
(1) |
— |
(1) |
1 |
(1) |
||||||||||||
Net income attributable to Visteon |
$ |
45 |
$ |
26 |
$ |
108 |
$ |
45 |
$182 - $197 |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
Electronics |
2017 |
2016 |
2017 |
2016 |
||||||||||||
Adjusted EBITDA |
$ |
84 |
$ |
79 |
$ |
185 |
$ |
173 |
||||||||
Depreciation and amortization |
22 |
20 |
41 |
41 |
||||||||||||
Restructuring expense |
3 |
— |
4 |
10 |
||||||||||||
Interest expense, net |
4 |
3 |
9 |
5 |
||||||||||||
Equity in net income of non-consolidated affiliates |
(3) |
(3) |
(5) |
(3) |
||||||||||||
Other (income) expense, net |
(3) |
1 |
(2) |
4 |
||||||||||||
Provision for income taxes |
10 |
9 |
26 |
22 |
||||||||||||
Net income attributable to non-controlling interests |
3 |
4 |
7 |
8 |
||||||||||||
Non-cash, stock-based compensation expense |
4 |
2 |
6 |
4 |
||||||||||||
Other |
(1) |
— |
(1) |
1 |
||||||||||||
Net income |
$ |
45 |
$ |
43 |
$ |
100 |
$ |
81 |
||||||||
(Income) loss from discontinued operations, net of tax |
— |
9 |
(8) |
22 |
||||||||||||
All other income, net of tax |
— |
8 |
1 |
14 |
||||||||||||
Net income attributable to Visteon |
$ |
45 |
$ |
26 |
$ |
108 |
$ |
45 |
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 |
Six Months Ended |
||||||||||||||
June 30 |
June 30 |
||||||||||||||
Total Visteon |
2017 |
2016 |
2017 |
2016 |
|||||||||||
Cash provided from operating activities - Electronics |
$ |
96 |
$ |
92 |
$ |
86 |
$ |
79 |
|||||||
Cash used by operating activities - discontinued operations and other |
— |
(20) |
— |
(65) |
|||||||||||
Cash provided from operating activities total Visteon |
$ |
96 |
$ |
72 |
$ |
86 |
$ |
14 |
|||||||
Capital expenditures |
(15) |
(12) |
(47) |
(37) |
|||||||||||
Free cash flow |
$ |
81 |
$ |
60 |
$ |
39 |
$ |
(23) |
|||||||
Restructuring/transformation-related payments |
6 |
19 |
18 |
74 |
|||||||||||
Adjusted free cash flow |
$ |
87 |
$ |
79 |
$ |
57 |
$ |
51 |
Three Months Ended |
Six Months Ended |
||||||||||||||||
June 30 |
June 30 |
Estimated |
|||||||||||||||
Electronics |
2017 |
2016 |
2017 |
2016 |
Full Year 2017* |
||||||||||||
Cash provided from operating activities |
$ |
96 |
$ |
92 |
$ |
86 |
$ |
79 |
$205 - $220 |
||||||||
Capital expenditures |
(15) |
(12) |
(47) |
(36) |
(80) |
||||||||||||
Free cash flow |
$ |
81 |
$ |
80 |
$ |
39 |
$ |
43 |
$125 - $140 |
||||||||
Restructuring/transformation-related payments |
6 |
7 |
18 |
22 |
40 |
||||||||||||
Adjusted free cash flow |
$ |
87 |
$ |
87 |
$ |
57 |
$ |
65 |
$165 - $180 |
* Guidance excludes the restructuring, transformation payments associated with other legacy and discontinued operations.
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
Three Months Ended June 30 |
Six Months Ended June 30 |
||||||||||||||||||||||
Net income attributable to Visteon: |
2017 |
2016 |
2017 |
2016 |
|||||||||||||||||||
Electronics |
$ |
45 |
$ |
43 |
$ |
100 |
$ |
81 |
|||||||||||||||
Other/discontinued operations |
— |
(17) |
8 |
(36) |
|||||||||||||||||||
Net income attributable to Visteon |
$ |
45 |
$ |
26 |
$ |
108 |
$ |
45 |
|||||||||||||||
Three Months ended June 30, 2017 |
Six Months Ended June 30, 2017 |
||||||||||||||||||||||
Electronics |
Other/ Discontinued Operations |
Total Visteon |
Electronics |
Other/ Discontinued Operations |
Total Visteon |
||||||||||||||||||
Diluted earnings per share: |
|||||||||||||||||||||||
Net income attributable to Visteon |
$ |
45 |
$ |
— |
$ |
45 |
$ |
100 |
$ |
8 |
$ |
108 |
|||||||||||
Average shares outstanding, diluted (in millions) |
32.0 |
— |
32.0 |
32.6 |
32.6 |
32.6 |
|||||||||||||||||
Diluted earnings per share |
$ |
1.41 |
$ |
— |
$ |
1.41 |
$ |
3.07 |
$ |
0.24 |
$ |
3.31 |
|||||||||||
Adjusted earnings per share: |
|||||||||||||||||||||||
Net income attributable to Visteon |
$ |
45 |
$ |
— |
$ |
45 |
$ |
100 |
$ |
8 |
$ |
108 |
|||||||||||
Restructuring expense |
3 |
— |
3 |
4 |
— |
4 |
|||||||||||||||||
Other (income) expense, net |
(3) |
— |
(3) |
(2) |
— |
(2) |
|||||||||||||||||
Other non-operating costs |
1 |
1 |
(1) |
— |
(1) |
||||||||||||||||||
(Income) loss from discontinued operations, net of tax |
— |
— |
— |
(8) |
(8) |
||||||||||||||||||
Adjusted net income |
$ |
44 |
$ |
— |
$ |
44 |
$ |
101 |
$ |
— |
$ |
101 |
|||||||||||
Average shares outstanding, diluted (in millions) |
32.0 |
— |
32.0 |
32.6 |
32.6 |
32.6 |
|||||||||||||||||
Adjusted earnings per share |
$ |
1.38 |
$ |
— |
$ |
1.38 |
$ |
3.10 |
$ |
— |
$ |
3.10 |
|||||||||||
Three Months ended June 30, 2016 |
Six Months Ended June 30, 2016 |
||||||||||||||||||||||
Electronics |
Other/ Discontinued Operations |
Total Visteon |
Electronics |
Other/ Discontinued Operations |
Total Visteon |
||||||||||||||||||
Diluted earnings per share: |
|||||||||||||||||||||||
Net income attributable to Visteon |
$ |
43 |
$ |
(17) |
$ |
26 |
$ |
81 |
$ |
(36) |
$ |
45 |
|||||||||||
Average shares outstanding, diluted (in millions) |
34.4 |
34.4 |
34.4 |
36.7 |
36.7 |
36.7 |
|||||||||||||||||
Diluted earnings per share |
$ |
1.25 |
$ |
(0.49) |
$ |
0.76 |
$ |
2.21 |
$ |
(0.98) |
$ |
1.23 |
|||||||||||
Adjusted earnings per share: |
|||||||||||||||||||||||
Net income attributable to Visteon |
$ |
43 |
$ |
(17) |
$ |
26 |
$ |
81 |
$ |
(36) |
$ |
45 |
|||||||||||
Restructuring expense |
— |
7 |
7 |
10 |
7 |
17 |
|||||||||||||||||
Other expense, net |
1 |
8 |
9 |
4 |
— |
4 |
|||||||||||||||||
Other |
— |
— |
— |
1 |
— |
1 |
|||||||||||||||||
(Income) loss from discontinued operations, net of tax |
— |
— |
— |
— |
22 |
22 |
|||||||||||||||||
Adjusted net income |
$ |
44 |
$ |
(2) |
$ |
42 |
$ |
96 |
$ |
(7) |
$ |
89 |
|||||||||||
Average shares outstanding, diluted (in millions) |
34.4 |
34.4 |
34.4 |
36.7 |
36.7 |
36.7 |
|||||||||||||||||
Adjusted earnings per share |
$ |
1.28 |
$ |
(0.06) |
$ |
1.22 |
$ |
2.62 |
$ |
(0.19) |
$ |
2.43 |
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 planning and forecasting future periods.
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SOURCE
Media: Jim Fisher, 734-710-5557, 734-417-6184 - mobile, jfishe89@visteon.com; Investors: Bill Robertson, 734-710-8349, william.robertson@visteon.com