
VAN BUREN TWP. — Visteon Corp. (NYSE: VC), the automotive electronics manufacturer based in Wayne County’s Van Buren Township, reported net income of $19 million or 49 cents a share in the first quarter ended March 31, down from $50 million or $1.10 a share in the first quarter of 2015.
The company said the net income figure included a loss of $13 million from discontinued operations, and $15 million of restructuring costs. Adjusted net income, which excludes these costs, was $47 million, or $1.22 per diluted share.
Revenue was $802 million, down from $816 million a year earlier.
The company also announced an “adjusted earnings before interest, taxes, depreciation and amortization” figure of $89 million, up from $78 million a year earlier.
“Our strong financial results reflect the increasing desire of vehicle manufacturers to include our cockpit electronics technology in their vehicles, as well as solid cost performance across our global operations,” said Sachin Lawande, president and CEO. “We made progress aligning our engineering organization with our customers’ needs regionally and globally, while bringing more strategic focus to our research and development investment. We continue to leverage our position as the only Tier 1 automotive supplier exclusively focused on the rapidly growing automotive cockpit electronics segment.”
The company said the decrease in sales was mostly related to the sale of an auto interiors plant in Germany as well as the effect of a stronger U.S. dollar on overseas sales.
Electronics Product Group sales totaled $793 million, an increase of $12 million from the first quarter of 2015. On a regional basis, Asia accounted for 38 percent of sales, Europe 32 percent, North America 29 percent, and South America 1 percent.
Selling, general and administrative expenses were $56 million for the first quarter down from $58 million for the first quarter of 2015.
Through the first quarter of 2016, customers awarded Visteon new business wins totaling $1.2 billion in revenue. Visteon’s ongoing backlog, defined as cumulative remaining life-of-program booked sales, was approximately $15.6 billion as of March 31, an increase of $400 million since Dec. 31.
As of March 31, Visteon had global cash and equivalents totaling $808 million. Total debt as of March 31 was $382 million.
On Jan. 22, Visteon paid a special distribution to its shareholders of $43.40 a share, or $1.74 billion. This outflow was partially offset by a recovery of $356 million of withholding taxes related to the 2015 climate control systems divestiture. Since the June 9, 2015, climate transaction, Visteon has substantially completed the return of approximately $2.75 billion to shareholders through 2015 and 2016 share repurchases and the January 2016 special distribution.
Visteon designs, engineers and manufactures cockpit electronics products and connected car systems for most of the world’s major vehicle manufacturers, including instrument clusters, head-up displays, information displays, infotainment, audio systems, and telematics products. Visteon has nearly 11,000 employees at more than 40 locations in 18 countries. More at www.visteon.com.
To listen to a replay of a conference call discussing these results, call (855) 859-2056 in the United States and Canada or (404) 537-3406 elsewhere. The conference ID for the phone replay is 86737426.