Business Performance - Visteon won $3.1 billion in new business in the first half of the year, including nearly $1.8 billion from display wins[1] - The company reported second quarter sales of $1,014 million, a 3.2% increase from $983 million in the same quarter last year[7] - Net income for the second quarter was $71 million, or $2.54 per diluted share, compared to $20 million in the prior year[8] - Adjusted EBITDA reached a record $136 million in the second quarter, an increase of $46 million year-over-year, with an adjusted EBITDA margin of 13.4%[8] - Visteon launched 41 new products across 17 OEMs in the first half of the year, including significant launches for Toyota, Mazda, and Porsche[10] - For full-year 2024, Visteon updated its sales guidance to a range of $3.85 billion to $3.95 billion and adjusted EBITDA guidance to $455 million to $475 million[12] Financial Position - The company ended the second quarter with net cash of $181 million, cash of $508 million, and debt of $327 million[9] - Cash from operations for the first six months was $126 million, with capital expenditures of $68 million and adjusted free cash flow of $62 million[9] - Visteon's gross margin in the second quarter was $147 million, compared to $104 million in the same quarter last year[8] - The company’s cash, equivalents, and restricted cash at the end of the period stood at $508 million, compared to $459 million at the end of the previous period[30] - Total assets increased to $2,731 million as of June 30, 2024, compared to $2,727 million at December 31, 2023[39] - Cash and equivalents decreased slightly to $505 million from $515 million[39] - Accounts receivable increased to $695 million from $666 million, indicating improved collection efforts[39] - Total current liabilities decreased to $887 million from $931 million, reflecting better management of short-term obligations[39] - Retained earnings increased to $2,387 million from $2,274 million, showing strong profitability retention[39] - Total stockholders' equity rose to $1,198 million from $1,123 million, indicating a solid financial position[39] Profitability Metrics - Visteon reported a net income of $71 million for the three months ended June 30, 2024, compared to $20 million for the same period in 2023, representing a 255% increase[30] - Diluted earnings per share increased to $2.54 for the three months ended June 30, 2024, from $0.70 in the same period of 2023, marking a 263% rise[30] - Adjusted net income for the six months ended June 30, 2024, was $116 million, up from $70 million for the same period in 2023, reflecting a 66% increase[38] - Visteon’s adjusted earnings per share for the six months ended June 30, 2024, was $4.16, compared to $2.44 for the same period in 2023, indicating a 70% increase[38] - Adjusted free cash flow for the six months ended June 30, 2024, was $62 million, compared to $32 million for the same period in 2023[42] - Estimated full-year free cash flow for 2024 is projected at $305 million[42] Operational Challenges - The company anticipates continued impacts from geopolitical conflicts and supply chain disruptions, which may affect future performance[27] - Visteon emphasizes the importance of adjusted net income and adjusted earnings per share as useful measures for assessing profitability and performance[37] - Adjusted EBITDA is used as a performance measure, excluding items that may obscure operational trends[40] - The company experienced a net cash decrease of $10 million for the three months ended June 30, 2024, compared to a decrease of $64 million in the same period of 2023[30] - Capital expenditures, including intangibles, totaled $31 million for the three months ended June 30, 2024, compared to $30 million for the same period in 2023[30] - Net cash used by investing activities was $35 million for the three months ended June 30, 2024, compared to $29 million for the same period in 2023[30] - The company reported a decrease in accrued employee liabilities to $81 million from $99 million, suggesting improved workforce management[39]

Visteon Corporation (NASDAQ:VC) is a June 2000 spin-off from Ford (F). This U.S. automaker remains its largest customer, accounting for 22% of 2023 sales. However, the company now serves the whole auto/truck industry, mostly manufacturing the display video/panels on your dashboard and various instruments/devices/inventions for measuring and controlling onboard electronics. It is now becoming an important supplier of displays and electronics for accelerating growth at a host of electric vehicle OEMs, with ne ...

Visteon Corporation (NASDAQ:VC) Q1 2024 Earnings Call Transcript April 25, 2024 9:00 AM ET Company Participants Ryan Wentling - VP, IR & Treasurer Sachin Lawande - President & CEO Jerome Rouquet - SVP & CFO Conference Call Participants Dan Levy - Barclays Joe Spak - UBS Luke Junk - Baird James Picariello - BNP Itay Michaeli - Citi Research Shreyas Patil - Wolfe Research Mark Delaney - Goldman Sachs Ryan Wentling Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to ...

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ________________ FORM 10-Q Commission file number 001-15827 VISTEON CORPORATION (Exact name of registrant as specified in its charter) | Sta ...

Exhibit 99.1 NEWS RELEASE Visteon Announces First Quarter 2024 Financial Results VAN BUREN TOWNSHIP, Mich., April 25, 2024 — Visteon Corporation (NASDAQ: VC) today reported first quarter financial results. Highlights include: Visteon reported net sales of $933 million compared to $967 million in the first quarter of the prior year. The decline in net sales was primarily due to lower recoveries resulting from improved semiconductor supply in the first quarter of 2024 and 1% lower customer vehicle production. ...

Visteon Corporation (NASDAQ:VC) Q4 2023 Earnings Conference Call February 20, 2024 9:00 AM ET Company Participants Ryan Wentling - VP, IR & Treasurer Sachin Lawande - President & CEO Jerome Rouquet - SVP & CFO Conference Call Participants Joe Spak - UBS Justin Barell - Citi Dan Levy - Barclays Luke Junk - Baird John Babcock - Bank of America Colin Langan - Wells Fargo Mark Delaney - Goldman Sachs Ryan Wentling Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to ou ...

Visteon Q4 and Full-Year 2023 Earnings 2023 in Review | --- | --- | --- | |-----------|-----------------|--------------| | | | | | Net Sales | Adjusted EBITDA | Adjusted FCF | 2 (1) Excludes Y/Y impact of supply chain recoveries. Added ~$1 billion in base sales over two years (Dollars in millions) | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | 2023 Achievements | | | Gaining Share in Digital Clusters Exte ...

Financial Performance - Visteon reported net sales of $3,954 million for the year ended December 31, 2023, representing a year-over-year increase of 5% and a base sales growth of 12% when excluding pricing impacts from supply chain recoveries [130]. - Adjusted EBITDA for 2023 was $434 million, or 11% of sales, reflecting operational leverage from higher volumes and cost discipline, an increase of $86 million compared to 2022 [130]. - Visteon's gross margin improved to $487 million in 2023, up from $368 million in 2022, driven by favorable cost performance and design changes [133]. - Net income attributable to Visteon Corporation for 2023 was $486 million, a significant increase of $362 million compared to $124 million in 2022 [133]. - Adjusted EBITDA for the year ended December 31, 2023, was $434 million, an increase of $86 million from $348 million in 2022, driven by favorable volumes and mix [147]. Cash Flow and Investments - The company generated $267 million in cash from operating activities in 2023, up from $167 million in 2022, reflecting a $100 million increase [160]. - Net cash used in investing activities increased to $123 million in 2023 from $68 million in 2022, primarily due to a $44 million rise in capital expenditures [162]. - Net cash used in financing activities rose to $156 million in 2023 compared to $9 million in 2022, mainly due to $106 million in common stock repurchases and $29 million in dividends paid [163]. - The company has committed to invest $15 million in two entities focused on the automotive sector, having contributed $12 million towards this commitment as of December 31, 2023 [154]. Balance Sheet and Shareholder Returns - The company maintained a strong balance sheet and announced a $300 million share repurchase program, having repurchased $106 million of common stock in 2023 [127]. - As of December 31, 2023, the company had total cash and equivalents of $518 million, with $383 million located outside the U.S. [151]. - The corporate credit rating as of December 31, 2023, is BB- by Standard & Poor's, influencing access to additional capital [150]. Tax and Pension Obligations - The company recorded a benefit from income taxes of $248 million in 2023, an increase of $293 million compared to the previous year, largely due to a non-cash tax benefit related to deferred tax assets [143]. - The company expects to make contributions of $9 million to its U.S. defined benefit pension plans and $7 million to its non-U.S. plans during 2024 [152]. - The company has approximately $142 million in unfunded net pension liabilities as of December 31, 2023, with $113 million attributable to U.S. plans [174]. Market Conditions and Risks - The global automotive market is expected to grow faster than vehicle production volumes as the industry shifts towards digital, electric, and autonomous vehicles [126]. - Visteon faced challenges from semiconductor shortages but continued proactive initiatives to increase product availability and minimize cost impacts [131]. - The company is exposed to significant risks from supply chain disruptions due to the ongoing conflict between Russia and Ukraine [187]. - The company faces potential impacts from a shortage of critical components, including semiconductors, from suppliers [187]. Currency and Commodity Risk Management - The hypothetical pretax gain or loss from a 10% favorable or adverse change in quoted currency exchange rates is estimated to be approximately $21 million for foreign currency derivative financial instruments as of December 31, 2023 [192]. - The company manages market risks through fixed price contracts and derivative instruments strictly for hedging purposes, not for speculative trading [189]. - The company does not enter into foreign exchange contracts to mitigate translation exposure from foreign operating income into U.S. dollars [191]. - The company may utilize derivatives in the future to manage select commodity risks if acceptable hedging instruments are identified [194]. Operational Challenges - Selling, general, and administrative expenses increased to $207 million in 2023, representing 5.2% of net sales, primarily due to higher personnel costs [137]. - The company recorded a non-cash impairment charge of $5 million in 2022 due to the closure of its Russian facility [169]. - A 25 basis point decrease in the discount rate is expected to have a pretax pension expense impact of less than -$1 million for both U.S. and Non-U.S. plans in 2024 [179]. - A 25 basis point increase in the discount rate is projected to result in a pretax pension expense increase of +$16 million for the U.S. plan in 2023 [179]. - The company anticipates a pretax pension expense increase of +$1.6 million with a 25 basis point decrease in expected return on assets [179]. - The company regularly audits its tax provisions and accrues for contingencies related to income tax risks [183].

Visteon Corporation (NASDAQ:VC) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET Company Participants Ryan Wentling - Vice President of Investor Relations and Treasurer Sachin Lawande - President and Chief Executive Officer Jerome Rouquet - Senior Vice President and Chief Financial Officer Conference Call Participants Luke Junk - Baird Dan Levy - Barclays Joe Spak - UBS Mark Delaney - Goldman Sachs John Babcock - Bank of America Emmanuel Rosner - Deutsche Bank James Picariello - BNP Paribas Exan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) State of Delaware 38-3519512 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer One V ...