Business
Visteon Announces First-Quarter 2020 Results
Net sales of $643 millionNet loss of $35 million, including $33 million of restructuring chargesAdjusted EBITDA of $33 millionAwarded $800 million in new
About this update from Visteon Corporation
[{"type":"text","content":"Net sales of $643 millionNet loss of $35 million, including $33 million of restructuring chargesAdjusted EBITDA of $33 millionAwarded $800 million in new businessAvailable cash of $825 million; no near-term debt maturities VAN BUREN TOWNSHIP, Mich., April 30, 2020 (GLOBE NEWSWIRE) -- Visteon Corporation (NASDAQ: VC) today announced first-quarter 2020 results, reporting net loss attributable to Visteon of $35 million or $1.25 loss per diluted share, compared with net income of $14 million or $0.49 earnings per diluted share in the first-quarter of 2019. First-quarter 2020 net loss includes a $33 million charge the company took in respect to its recently announced restructuring programs as it continues to streamline its operations.\n First-quarter 2020 net sales were $643 million, compared with $737 million in the first-quarter of 2019. The decrease of $94 million is primarily due to the impacts of COVID-19. Gross margin for the first-quarter of 2020 was $53 million, compared with $66 million in the same quarter in 2019. Adjusted EBITDA, a non-GAAP measure as defined below, was $33 million for the first-quarter of 2020, compared with $41 million for the same quarter last year. Adjusted EBITDA was impacted by lower sales, which were partially offset by lower net engineering expense, the non-recurrence of 2019 operational challenges and favorable cost performance. During the first-quarter of 2020, global vehicle manufacturers awarded Visteon new business of $800 million in lifetime sales, with nearly all coming from next-generation technology including digital instrument clusters, infotainment and displays. \"Despite the challenging market environment due to COVID-19, Visteon sales outperformed the market, driven by launches of our core products,\" said President and CEO Sachin Lawande. \"The proactive cost-reduction actions we implemented, combined with our strong balance sheet and a significant cash position, will enable us to weather the crisis and emerge as a strong, more competitive company.\" First-Quarter in Review Sales totaled $643 million and $737 million during the first-quarter of 2020 and 2019, respectively. On a regional basis, in the first-quarter of 2020, Europe accounted for 37% of sales, the Americas 28%, China Domestic 8%, China Export 10% and Other Asia-Pacific 17%. Gross margin for the first-quarter of 2020 and ...