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Exhibit 99.1
|
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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Unfavorable currency decreased sales by $7 million, primarily attributable to the Brazilian Real, Indian Rupee, Euro, Chinese Renminbi and Thai Baht.
The decrease is primarily due to unfavorable volumes, customer pricing and product mix, increased engineering expense and unfavorable currency partially offset by improved cost performance.
The decrease of $22 million is primarily attributable to the decrease in gross margin including unfavorable volumes, customer pricing and product mix, increased net engineering costs and unfavorable currency partially offset by improved cost performance.
The decrease is primarily due to unfavorable volumes and currency, customer pricing net of design changes, and product mix, partially offset by net new business and the consolidation of a previously non-consolidated affiliate.
The decrease of $22 million is primarily attributable to the decrease in gross margin including unfavorable volumes, customer pricing and product mix, engineering expense and unfavorable currency partially offset by improved cost performance.
Unfavorable volumes and product mix,...Read more
Unfavorable volumes, and product mix,...Read more
The decrease is primarily due...Read more
The Company is focused on...Read more
Long-Term Growth and Margin Expansion...Read more
Third quarter 2018 global light...Read more
Gross margin was $82 million...Read more
Gross margin was $315 million...Read more
Cash used by financing activities...Read more
Visteons ability to compete favorably...Read more
Favorable net cost performance increased...Read more
Favorable currency increased sales by...Read more
The decrease includes unfavorable volumes,...Read more
The decrease in net interest...Read more
The decrease in net interest...Read more
Visteons ability to generate cost...Read more
Favorable currency of $17 million...Read more
Foreign currency increased cost of...Read more
Visteons ability to comply with...Read more
Foreign currency decreased cost of...Read more
Unfavorable currency of $3 million...Read more
Changes in laws, regulations, policies...Read more
* Adjusted EBITDA is a...Read more
* Adjusted EBITDA is a...Read more
The Companys ability to generate...Read more
The consolidation of a previously...Read more
The consolidation of VFAE during...Read more
The income is primarily attributable...Read more
Enhance Shareholder Returns - On...Read more
Net cash used by investing...Read more
Favorable net cost performance increased...Read more
In China, production volumes decreased...Read more
Volumes for certain key Visteon...Read more
Cash used by investing activities...Read more
These decreases are partially offset...Read more
These decreases are partially offset...Read more
Gross margin also included favorable...Read more
Gain on non-consolidated affiliate transactions,...Read more
Gain on non-consolidated affiliate transactions,...Read more
Restrictions in labor contracts with...Read more
Financial Statements, Disclosures and Schedules
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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