Visteon Announces Third-Quarter 2019 Results

Follow Visteon:

 http://twitter.com/visteon
http://www.youtube.com/user/visteon?feature=results_main
http://blog.visteon.com/
http://www.linkedin.com/company/2865?trk=vsrp_companies_res_photo&trkInfo=VSRPsearchId:522343161373310041683,VSRPtargetId:2865,VSRPcmpt:primary
https://www.facebook.com/VisteonCorporation
https://www.instagram.com/visteon/
http://www.slideshare.net/VisteonCorporation
http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0 

Contacts:

Media:

Jim Fisher
734-710-5557
734-417-6184 – mobile
jfishe89@visteon.com

Investors:

Kris Doyle
734-710-7893
kdoyle@visteon.com

 

 
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Millions, Except Per Share Data)
(Unaudited)
 
  Three Months Ended  Nine Months Ended
  September 30  September 30
  2019  2018  2019  2018
        
Sales$731  $681  $2,201  $2,253 
Cost of sales(647) (599) (1,981) (1,938)
Gross margin84  82  220  315 
Selling, general and administrative expenses(52) (40) (167) (139)
Restructuring expense, net(1) (18) (2) (28)
Interest expense, net(3) (2) (7) (6)
Equity in net income of non-consolidated affiliates1  3  7  10 
Other income, net 2     7     7     17  
Income before income taxes 31     32     58     169  
Provision for income taxes (13 )   (9 )   (16 )   (42 )
Net income from continuing operations 18     23     42     127  
Income from discontinued operations, net of tax     1         2  
Net income 18     24     42     129  
Net income attributable to non-controlling interests (4 )   (3 )   (7 )   (8 )
Net income attributable to Visteon Corporation $ 14     $ 21     $ 35     $ 121  
               
Comprehensive (loss) income $ (4 )   $ 8     $ 21     $ 91  
Comprehensive (loss) income attributable to Visteon Corporation $ (5 )   $ 8     $ 17     $ 87  
               
Earnings per share data :              
Basic earnings per share              
Continuing operations $ 0.50     $ 0.68     $ 1.25     $ 3.99  
Discontinued operations     0.03         0.07  
Basic earnings per share attributable to Visteon Corporation $ 0.50     $ 0.71     $ 1.25     $ 4.06  
               
Diluted earnings per share              
Continuing operations $ 0.50     $ 0.68     $ 1.24     $ 3.95  
Discontinued operations     0.03         0.07  
Diluted earnings per share attributable to Visteon Corporation $ 0.50     $ 0.71     $ 1.24     $ 4.02  
               
Average shares outstanding (in millions)              
Basic 28.0     29.3     28.1     29.8  
Diluted 28.1     29.5     28.2     30.1  

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