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Visteon Announces Second-Quarter 2018 Results
|||Sales of $758 million|
|||Net income of $35 million|
|||Adjusted EBITDA of $81 million|
|||Awarded $2.2 billion in new business up 38 percent year-over-year|
|○||Largest infotainment award in Visteons history $640 million|
|○||Largest instrument cluster award in Visteons history $585 million|
|||Increased order backlog to record $21.1 billion|
VAN BUREN TOWNSHIP, Mich., July 26, 2018 Visteon Corporation (NASDAQ: VC) today announced second-quarter 2018 results, reporting sales of $758 million, compared with $774 million in the second quarter of 2017. Second-quarter net income attributable to Visteon was $35 million or $1.17 per diluted share for 2018, compared with $45 million or $1.41 per diluted share in 2017.
Adjusted EBITDA, a non-GAAP financial measure as defined below, was $81 million for the second quarter, compared with $84 million in the same period last year. Adjusted net income, a non-GAAP financial measure as defined below, was $41 million for the second quarter or $1.37 per diluted share, compared with $44 million or $1.38 per diluted share in the second quarter of 2017.
During the second quarter, global vehicle manufacturers awarded Visteon new business of $2.2 billion in lifetime revenue. This new business included the largest infotainment win and the largest instrument cluster win in the companys history. The infotainment win is for a cross-platform, global system with a large European automaker, with anticipated lifetime revenue of $640 million and launching in early 2020. The digital instrument cluster win is for high-volume, compact vehicles for a global European automaker, with expected lifetime revenue of $585 million and launching in late 2020. Visteons ongoing backlog, defined as cumulative remaining awarded life-of-program expected booked sales, was $21.1 billion as of June 30, 2018, up from $19.4 billion at the end of 2017.
Our second-quarter results were impacted by lower vehicle production volumes, particularly in North America, and new emissions regulations in Europe, offset by continued strong performance in China, said Visteon President and CEO Sachin Lawande. Our products and technology continue to enable us to win record levels of new business in the evolving cockpit and safety electronics segments. Visteons core business remains strong and our order backlog keeps us on track to achieve our long-term targets despite near-term industry headwinds.
The following information was filed by Visteon Corp (VC) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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