Visteon Announces Second-Quarter 2016 Results

Electronics sales totaled $762 million, a decrease of $18 million from the second quarter last year. For the Electronics Product Group, on a regional basis, Asia accounted for 34 percent of sales, Europe 34 percent, North America 30 percent, and South America 2 percent. 

Gross margin for the second quarter of 2016 was $109 million, compared with $99 million a year earlier. Selling, general and administrative (SG&A) expenses were $54 million, or 7.0 percent of sales, for the second quarter, compared with $65 million, or 8.0 percent of sales, a year earlier. 

For the second quarter of 2016, Visteon reported net income attributable to Visteon of $26 million, or earnings per share of $0.76 per diluted share, compared with net income attributable to Visteon of $2,208 million and earnings per share of $49.73 for the same period in 2015. Net income attributable to Visteon in the second quarter of 2015 included the climate transaction gain and related taxes within discontinued operations net income of $2,159 million and a gain on the sale of non-consolidated affiliates of $62 million. 

Second-quarter 2016 net income included a loss of $9 million related to discontinued operations and $7 million of restructuring, transformation integration and related costs. Adjusted net income, which excludes these costs, was $42 million, or $1.22 per diluted share.

Adjusted EBITDA for the Electronics Product Group was $79 million for the second quarter of 2016, compared with $60 million for the same quarter last year.  The improvement primarily reflected cost efficiencies impacting both gross margin and SG&A. Adjusted EBITDA for Other Operations was a loss of $2 million, $2 million lower than adjusted EBITDA for the second quarter last year.

Cash and Debt Balances

As of June 30, 2016, Visteon had global cash balances totaling $852 million. Total debt as of June 30 was $372 million. 

For the second quarter of 2016, Visteon generated $72 million of cash from operations, compared with $31 million in the same period a year earlier. Capital expenditures for the second quarter of 2016 were $12 million, compared with $67 million during the second quarter of 2015, reflecting the impacts of the climate business divestiture. Adjusted free cash flow was $79 million in the quarter, compared with $33 million in the second quarter of 2015.

Visteon generated $92 million of cash from operations related to the Electronics Product Group in the second quarter. Electronics capital expenditures totaled $12 million, and adjusted free cash flow for Electronics totaled $87 million.

Completion of AllGo Acquisition

On July 11, 2016, Visteon announced completion of its acquisition of AllGo Embedded Systems Pvt. Ltd., an India-based leading supplier of embedded multimedia and smartphone connectivity software solutions to the global automotive industry. The acquisition makes Visteon the only automotive supplier with vertically integrated multimedia playback and smartphone connectivity technologies for infotainment and display audio systems. The transaction includes AllGo's technology assets and automotive business and approximately 140 employees – primarily software engineers based in India – supported by sales offices in the U.S., Europe and Asia.

Full-Year 2016 Outlook

Visteon reaffirmed its full-year 2016 guidance for adjusted EBITDA and adjusted free cash flow. Visteon established a range for Electronics Product Group sales guidance of $3.1 billion to $3.2 billion. Adjusted EBITDA for the Electronics Product Group is projected in the range of $305 million to $335 million. Adjusted free cash flow, as defined below, for the Electronics Product Group is projected in the range of $110 million to $150 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 instrument clusters, head-up displays, information displays, infotainment, audio systems, and telematics solutions; its brands include Lightscape®, OpenAir® and SmartCore™. Visteon also supplies embedded multimedia and smartphone connectivity software solutions to the global automotive industry through AllGo Embedded Systems Pvt. Ltd. Headquartered in Van Buren Township, Michigan, Visteon has nearly 11,000 employees at more than 40 facilities in 18 countries. Visteon had sales of $3.25 billion in 2015. Learn more at www.visteon.com.

Conference Call and Presentation

Today, Thursday, July 28, 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 47130364. 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, 2015).   

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, 2016. 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 2016 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.

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
	2016				2015				2016				2015
Sales	$	773			$	812			$	1,575			$	1,628
Cost of sales	664				713				1,345				1,417
Gross margin	109				99				230				211
Selling, general and administrative expenses	54				65				110				123
Restructuring expense	7				12				17				15
Interest expense, net	3				6				5				11
Equity in net income of non-consolidated affiliates	3				12				3				11
Loss on debt extinguishment	—				5				—				5
Gain on sale of non-consolidated affiliates	—				62				—				62
Other (income) expense, net	—				(4)				4				8 Werbung Mehr Nachrichten zur Visteon Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:07 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 10:28 - PR Newswire The Lindsell Train Investment Trust Plc - Director/PDMR Shareholding 08:15 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Kin and Carta Plc Gefragter denn je...:    Explosive Nachfrage und Schockierendes Defizit! Auf den Schwingen des Silbers jetzt abheben! weiterlesen» Anzeige wo-site-teaser-box-16670_site-teaser-box_2024-04-16_08%253A00%253A00_2024-04-17_09%253A00%253A59