Visteon(US:VC)2025-02-18 12:02Financial Performance - Visteon reported Q4 2024 net sales of $939 million, with a 2% market outperformance globally and 8% outside of China[2]. - Full-year 2024 net sales reached $3,866 million, reflecting a 4% outperformance relative to customer production globally and 9% outside of China[4]. - Q4 2024 net income attributable to Visteon was $122 million, or $4.37 per diluted share, a decrease due to a prior year non-cash tax benefit of $313 million[3]. - Net income for the twelve months ended December 31, 2024, was $284 million, a decrease of 43.6% compared to $505 million in 2023[26]. - For the full year 2024, net income attributable to Visteon was $274 million, compared to $486 million in 2023[35]. - The estimated full-year net income for 2025 is projected to be $230 million[30]. Earnings and Adjusted Metrics - Full-year 2024 adjusted EBITDA was a record $474 million, an increase of $40 million compared to the prior year, with an adjusted EBITDA margin of 12.3%[5]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $474 million, up from $434 million in 2023, indicating a growth of 9.2%[28]. - Adjusted net income for Q4 2024 was $124 million, down from $367 million in Q4 2023[35]. - Diluted earnings per share for Q4 2024 were $4.37, compared to $12.98 in Q4 2023, reflecting a decrease of 66.3%[35]. - The full year adjusted earnings per share for 2024 were $10.86, down from $17.68 in 2023[35]. - Adjusted earnings per share for Q4 2024 were $4.44, down from $13.01 in Q4 2023, a decline of 65.9%[35]. Cash Flow and Capital Management - Operating cash flow for 2024 was $427 million, with record adjusted free cash flow of $300 million[6]. - Free cash flow for the twelve months ended December 31, 2024, was $290 million, an increase of 104.2% compared to $142 million in 2023[32]. - Cash provided from operating activities for the three months ended December 31, 2024, was $203 million, compared to $98 million in the same period of 2023, showing a significant increase of 107.1%[32]. - The company repurchased $63 million of shares in 2024, with $131 million remaining under the share repurchase authorization[7]. - The company repurchased $63 million of common stock in 2024, compared to $106 million in 2023, indicating a decrease of 40.6%[32]. Business Development and Product Launches - Visteon launched 95 new products in 2024, including digital clusters and battery management systems, aligning with trends in software-defined vehicles and electrification[10]. - The company secured $6.1 billion in new business wins in 2024, with significant contributions from digital clusters and SmartCore™ products[8]. - Visteon continues to expand its product portfolio and market presence, particularly with OEMs in Japan, India, and Europe[12]. Balance Sheet and Assets - Total assets increased to $2,862 million in 2024 from $2,727 million in 2023, representing a growth of 4.9%[24]. - Total liabilities decreased slightly to $1,552 million in 2024 from $1,604 million in 2023, a reduction of 3.3%[24]. - Stockholders' equity increased to $1,310 million in 2024 from $1,123 million in 2023, reflecting a growth of 16.7%[24]. - Capital expenditures, including intangibles, were $137 million for the twelve months ended December 31, 2024, compared to $125 million in 2023, an increase of 9.6%[32]. Restructuring and Tax Impacts - The company reported a restructuring and impairment expense of $1 million in Q4 2024, compared to $3 million in Q4 2023[35]. - Tax impacts of adjustments for Q4 2024 were $(2) million, compared to $(4) million in Q4 2023[35]. - The company recognized a non-cash tax benefit of $49 million in 2024, equating to $1.76 per diluted share, while 2023 included a $313 million tax benefit or $11.10 per diluted share[35].