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Visteon Corp (VC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Visteon Corp

CIK: 1111335 Ticker: VC

Exhibit 99.1

 

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  NEWS RELEASE

Visteon Announces Third-Quarter 2018 Results

 

   

Sales of $681 million

 

   

Net income of $21 million

 

   

Adjusted EBITDA of $71 million

 

   

Awarded $5.4 billion in new business year to date – up 17 percent year-over-year; nearly two-thirds associated with next-generation cockpit technologies

VAN BUREN TOWNSHIP, Mich., Oct. 25, 2018 — Visteon Corporation (NASDAQ: VC) today announced third-quarter 2018 results, reporting sales of $681 million, compared with $765 million in the third quarter of 2017. Third-quarter net income attributable to Visteon was $21 million or $0.71 per diluted share for 2018, compared with $43 million or $1.35 per diluted share in 2017.

Adjusted EBITDA, a non-GAAP financial measure as defined below, was $71 million for the third quarter, compared with $83 million in the same period last year. Adjusted net income, a non-GAAP financial measure as defined below, was $33 million for the third quarter or $1.12 per diluted share, compared with $45 million or $1.42 per diluted share in the third quarter of 2017.

Global vehicle manufacturers awarded Visteon new business of $5.4 billion year-to-date through Sept. 30, 2018.

“The third quarter was very challenging, as vehicle production volumes were impacted in virtually every region,” said Visteon President and CEO Sachin Lawande. “Our new business wins remain strong, driven by our new technologies and products that address emerging trends in the industry. Despite near-term headwinds, we remain confident about our long-term growth.”

Third Quarter in Review

Sales totaled $681 million and $765 million during the third quarters of 2018 and 2017, respectively. On a regional basis, in the third quarter of 2018, Asia accounted for 42 percent of sales, Europe 32 percent, and the Americas 26 percent.

Gross margin for the third quarter of 2018 and 2017 was $82 million and $114 million, respectively. Adjusted EBITDA was $71 million for the third quarter of 2018, compared with $83 million for the same quarter last year. Adjusted EBITDA margin was 10.4 percent for the third quarter of 2018, 40 basis points lower than the prior year.

 

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The following information was filed by Visteon Corp (VC) on Thursday, October 25, 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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Inside Visteon Corp's 10-Q Quarterly Report:

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Visteon Corp provided additional information to their SEC Filing as exhibits

Ticker: VC
CIK: 1111335
Form Type: 10-Q Quarterly Report
Accession Number: 0001111335-18-000016
Submitted to the SEC: Thu Oct 25 2018 7:18:46 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Motor Vehicle Parts And Accessories

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