Visteon Announces Second-Quarter 2015 Results
Visteon Corporation (NYSE: VC) today announced second-quarter 2015 results, reporting sales of $812 million and net income attributable to Visteon of $2.2 billion, or $49.73 per diluted share, including a significant gain related to the sale of Visteon’s interest in Halla Visteon Climate Control Corp. (HVCC).
As a result of the previously announced divestiture of the majority of its climate business, Visteon reclassified a significant portion of climate results to discontinued operations, and recast prior periods accordingly.
Adjusted EBITDA, a non-GAAP financial measure as defined below, was $60 million for the second quarter, compared with $29 million in the same period last year.
“Visteon continued its momentum in the second quarter with solid performance in sales, adjusted EBITDA and growth,” said Sachin Lawande, president and CEO, who joined Visteon on June 29. “As a result of our strong performance in the first half, we have reaffirmed full-year guidance.”
Lawande added: “With the sale of our 70 percent ownership interest in Halla Visteon Climate Control on June 9, Visteon is now focused on driving value for customers and shareholders as a technology-focused enterprise dedicated to vehicle cockpit electronics and the connected car – one of the fastest-growing segments in the automotive industry. As a result of that sale, we expect to deliver significant returns to our shareholders over the coming months through a series of actions including stock buybacks and special distributions.”
Cash from operating activities in the second quarter, including discontinued operations, totaled $31 million, consistent with $31 million for the same period in 2014. Adjusted free cash flow, a non-GAAP financial measure as defined below, was $33 million for the second quarter.