Visteon Announces Third-Quarter 2019 Results

Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and Adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines Adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, discontinued operations, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines Adjusted earnings per share as Adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of Adjusted net income and Adjusted earnings per share may not be comparable to other similarly titled measures of other companies.

    
  Three Months Ended
September 30
  Nine Months Ended
September 30
Net income attributable to Visteon: 2019  2018  2019  2018
Net income$14  $20  $35  $119 
Discontinued operations  1    2 
Net income attributable to Visteon$14  $21  $35  $121 


  Three Months Ended
September 30
  Nine Months Ended
September 30
  2019  2018  2019  2018
Diluted earnings per share:       
Net income attributable to Visteon$14  $21  $35  $ 121  
Average shares outstanding, diluted (in millions) 28.1     29.5     28.2     30.1  
Diluted earnings per share $ 0.50     $ 0.71     $ 1.24     $ 4.02  
               
Adjusted earnings per share :              
Net income attributable to Visteon $ 14     $ 21     $ 35     $ 121  
Restructuring, net 1     18     2     28  
Other     (5 )   1     (9 )
Income (loss) from discontinued operations, net of tax     (1 )       (2 )
Adjusted net income $ 15     $ 33     $ 38     $ 138  
Average shares outstanding, diluted (in millions) 28.1     29.5     28.2     30.1  
Adjusted earnings per share $ 0.53     $ 1.12     $ 1.35     $ 4.58  
           

Adjusted net income and Adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and Adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses Adjusted net income and Adjusted earnings per share for internal planning and forecasting purposes.

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