Business
Visteon Announces Fourth-Quarter and Full-Year 2019 Financial Results
Sales of $2,945 million ($744 million in fourth quarter) • 7% growth-over-market in fourth quarter 1Net income of $70 million ($35 million in fourth
About this update from Visteon Corporation
[{"type":"text","content":"Sales of $2,945 million ($744 million in fourth quarter) • 7% growth-over-market in fourth quarter 1Net income of $70 million ($35 million in fourth quarter)Adjusted EBITDA of $234 million ($85 million in fourth quarter)Awarded $6.1 billion in new business VAN BUREN TOWNSHIP, Mich., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Visteon Corporation (Nasdaq: VC) today announced full-year 2019 results. Sales were $2,945 million, compared with $2,984 million in 2018. The decrease of $39 million is primarily due to lower vehicle production volumes and the negative impact of currency, customer pricing and product mix, partially offset by new product launches and product updates. Net income attributable to Visteon was $70 million or $2.48 per diluted share and net cash provided from operating activities was $183 million.\n New business wins in 2019 were $6.1 billion, driven by digital clusters, multi-display modules, Android-based infotainment systems, cockpit domain controllers and battery management systems. \"Despite lower vehicle production volumes, Visteon finished the year strong with 7% growth-over-market in the fourth quarter, driven by our next-generation digital cockpit solutions,\" said President and CEO Sachin Lawande. \"In 2020, we are anticipating another challenging year for the automotive industry, as we expect global vehicle production volumes to further decline by approximately 3%. However, we expect Visteon sales to continue to grow above market and increase year-over-year as we lead the digital cockpit transformation.\" Fourth Quarter in Review Sales were $744 million and $731 million during the fourth quarters of 2019 and 2018, respectively. The year-over-year increase is primarily attributable to new product launches and product updates, partially offset by lower vehicle production volumes, vehicle launch delays at Ford, the impact of the strike at GM, customer pricing and the impact of unfavorable currency. On a regional basis, in the fourth quarter of 2019, Europe accounted for 32% of sales, China Domestic 20%, China Export 7%, the Americas 25% and Other Asia-Pacific 16%. Gross margins for the fourth quarters of 2019 and 2018 were $104 million and $96 million, respectively. Adjusted EBITDA, a non-GAAP measure as defined below, was $85 million for the fourth quarter of 2019, compared with $74 million in prior year. Adjusted ...