第99.1展示文本
资讯发布
伟世通宣布2024年第三季度业绩
密歇根州范布伦镇，2024年10月24日 — 韦斯通公司（纳斯达克：VC）今天公布了第三季度财务业绩。 亮点包括：
•销售额为98000万美元，增长率超过市场6%1
•净利润为3900万美元，调整后的净利润为6300万美元
•调整后的EBITDA为11900万美元
•本季度推出了30种新产品，截至目前为止今年已推出71种。
•今年迄今为止新业务赢得了49亿美元
•季末现金净额为$22900万
伟世通 在严峻的生产环境中报告了98000万元的稳固净销售额。. 我们实现了相对于客户车辆生产的6%超额表现，这是由数字座舱和电气化产品需求强劲推动的。我们的市场表现超出预期，但由于客户生产减少以及改善后的半导体供应导致客户赔偿减少，这一优势被抵消。
第三季度的毛利率为1.31亿美元。归属于伟世通的净收益为3,900万美元，摊薄每股收益为1.40美元，调整后的净收益（非公认会计准则指标定义如下）为6,300万美元，摊薄后每股收益2.26美元。与去年相比，净收入包括强劲的运营业绩和净工程减少的有利影响，但部分被2024年第三季度产生的重组费用所抵消。一个dj美国的息税折旧摊销前利润（非公认会计准则指标定义如下）在第三季度为1.19亿美元， 反映了公司对运营执行、卓越商业和成本纪律的高度关注。
前九个月，经营活动产生的现金为22400万美元，资本支出为9600万美元，调整后的自由现金流（下文定义的非通用会计原则衡量标准）为 13500万美元。公司第三季度末现金为55300万美元，债务为32400万美元。我们强劲的资产负债表，净现金为22900万美元，为我们提供了灵活性，以实现我们的资本配置优先事项。
伟世通在第三季度推出了30款新产品，涵盖了其所有产品线。 关键的第三季度推出包括在Tata Punch上推出了一款信息娱乐显示系统，突显了我们在印度市场持续增长的势头； SmartCore 在为欧洲市场的Lynk＆Co的电动SUV和为韩国市场的雷诺Grand Koleos混合动力车上推出了SmartCore; 在欧洲热销SUV日产卡罗斯上推出了一个数字化簇； 以及一款无线bms系统，为全电动Jeep Wagoneer。
伟世通在今年头九个月中通过新业务获得了49亿美元，其中25亿美元来自未包括中国在内的亚洲OEM厂商。我们在拓展相邻终端市场方面取得了成功，并且在与双车和商用车OEM厂商达成更多业务的过程中继续保持动力。第三季度的胜利包括欧洲多个大众市场车型配备的大型曲面显示屏，供全球OEm使用，以及为印度OEm的SUV车型和为中国国内OEm的电动车赢得的SmartCore™和显示屏。我们还在印度与一家双车OEm合作取得了数字仪表板的续单。
“伟世通在第三季度实现了稳固的销售和高于市场增长，展示了我们在应对具有挑战性的客户生产环境方面的能力，”总裁兼首席执行官Sachin Lawande表示。"我们针对汽车市场的多样化产品组合继续受到客户强劲需求的支持
1 不包括货币汇率波动的同比影响
数字化和电气化的重大趋势。我们在赢得新业务和与两轮车和商用车OEM厂商合作的势头上持续取得成功，为未来增长奠定了坚实基础。
根据我们截至目前的业绩和第四季度的前景，伟世通正在更新其2024年全年指导，并预计销售额在$3.85 - $39亿区间，调整后的EBITDA在$465 - $48000万区间，调整后的自由现金流在$165 - $18500万区间。
关于伟世通
伟世通通过创新的科技解决方案推进移动性，实现了软件定义和电动未来。凭借下一代数字驾驶舱和电气化产品，伟世通利用其全球网络的实力和敏捷性，以本地化优势提供更清洁、更安全、更连接的车辆体验。伟世通总部位于密歇根州范比伦镇，在全球17个国家开展业务，年销售额约为$39.5亿美元，并在2023年签订了价值$72亿美元的新业务。了解更多信息，请访问investors.visteon.com/。
电话会议和演示文稿
今天，10月24日星期四上午9点（东部时间），公司将为投资社区举办电话会议，讨论本季度的业绩和其他相关事项。 电话会议通过现场音频网络研讨会向公众开放。
参与通话的拨入号码是：
美国/加拿大：1-888-330-2508
美国/加拿大以外地区：1-240-789-2735
会议编号：8897485
(大约在会议开始前10分钟致电。)
电话会议和现场音频网络广播，相关演示材料和其他补充信息将在伟世通公司的投资者部分网站上提供。
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非 GAAP 财务信息的使用
由于并非所有公司使用相同的计算方法，在本新闻稿中使用的调整后的EBITDA、调整后的净利润、调整后的每股收益、自由现金流和调整后的自由现金流可能与其他公司类似命名的指标不可比。
为了提供2024年全年展望性非GAAP财务指标，公司在随后的幻灯片中提供了与之最直接可比的GAAP财务指标之间的对比。提供这些可比的GAAP财务指标并不意味着公司明示或暗示着对这些GAAP财务指标提供预测，而这些指标的实际结果很可能与所呈现的结果不同。这些协调工作包括公司在本新闻稿发布日期合理可获知的所有信息以及管理层可以合理预测的调整。
前瞻性信息
本新闻稿包含"前瞻性声明"，据1995年《私人证券诉讼改革法案》定义。“将”，“可能”，“旨在”，“展望”，“相信”，“应该”，“预期”，“计划”，“期待”，“打算”，“估计”，“预测”等词汇识别出这些前瞻性声明。前瞻性声明并非对未来业绩和状况的担保，而是受各种因素、风险和不确定性影响，可能导致我们的实际结果与这些前瞻性声明中表达的不同，包括但不限于：
•继续和未来地缘政治冲突及相关供应链中断的影响，包括但不限于中东、俄罗斯和亚洲东部的冲突，以及可能的制裁实施；
•significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources;
•failure of the Company’s joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
•conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
•our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
•our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
•general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
•disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
•increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
•changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and
•those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
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Investors:
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VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net sales | $ | 980 | $ | 1,014 | $ | 2,927 | $ | 2,964 | |||||||||||||||
| Cost of sales | (849) | (871) | (2,530) | (2,607) | |||||||||||||||||||
| Gross margin | 131 | 143 | 397 | 357 | |||||||||||||||||||
| Selling, general and administrative expenses | (51) | (52) | (152) | (156) | |||||||||||||||||||
| Restructuring, net | (28) | — | (31) | (2) | |||||||||||||||||||
| Interest expense, net | — | (1) | — | (7) | |||||||||||||||||||
| Equity in net income (loss) of non-consolidated affiliates | (3) | (1) | (7) | (8) | |||||||||||||||||||
| Other income (expense), net | 2 | 3 | 7 | (4) | |||||||||||||||||||
| Income (loss) before income taxes | 51 | 92 | 214 | 180 | |||||||||||||||||||
| Provision for income taxes | (11) | (21) | (55) | (48) | |||||||||||||||||||
| Net income (loss) | 40 | 71 | 159 | 132 | |||||||||||||||||||
| Less: Net (income) loss attributable to non-controlling interests | (1) | (5) | (7) | (12) | |||||||||||||||||||
| Net income (loss) attributable to Visteon Corporation | $ | 39 | $ | 66 | $ | 152 | $ | 120 | |||||||||||||||
| Comprehensive income (loss) | $ | 69 | $ | 58 | $ | 153 | $ | 114 | |||||||||||||||
| Less: Comprehensive (income) loss attributable to non-controlling interests | (7) | (4) | (10) | (6) | |||||||||||||||||||
| Comprehensive income (loss) attributable to Visteon Corporation | $ | 62 | $ | 54 | $ | 143 | $ | 108 | |||||||||||||||
| Basic earnings (loss) per share attributable to Visteon Corporation | $ | 1.41 | $ | 2.35 | $ | 5.51 | $ | 4.26 | |||||||||||||||
| Diluted earnings (loss) per share attributable to Visteon Corporation | $ | 1.40 | $ | 2.32 | $ | 5.45 | $ | 4.20 | |||||||||||||||
| Average shares outstanding (in millions) | |||||||||||||||||||||||
| Basic | 27.6 | 28.1 | 27.6 | 28.2 | |||||||||||||||||||
| Diluted | 27.9 | 28.5 | 27.9 | 28.6 | |||||||||||||||||||
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
| (Unaudited) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| ASSETS | |||||||||||
| Cash and equivalents | $ | 550 | $ | 515 | |||||||
| Restricted cash | 3 | 3 | |||||||||
| Accounts receivable, net | 719 | 666 | |||||||||
| Inventories, net | 321 | 298 | |||||||||
| Other current assets | 109 | 134 | |||||||||
| Total current assets | 1,702 | 1,616 | |||||||||
| Property and equipment, net | 438 | 418 | |||||||||
| Intangible assets, net | 157 | 90 | |||||||||
| Right-of-use assets | 103 | 109 | |||||||||
| Investments in non-consolidated affiliates | 27 | 35 | |||||||||
| Deferred tax assets | 387 | 384 | |||||||||
| Other non-current assets | 79 | 75 | |||||||||
| Total assets | $ | 2,893 | $ | 2,727 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Short-term debt | $ | 18 | $ | 18 | |||||||
| Accounts payable | 547 | 551 | |||||||||
| Accrued employee liabilities | 98 | 99 | |||||||||
| Current lease liability | 29 | 30 | |||||||||
| Other current liabilities | 245 | 233 | |||||||||
| Total current liabilities | 937 | 931 | |||||||||
| Long-term debt, net | 306 | 318 | |||||||||
| Employee benefits | 143 | 160 | |||||||||
| Non-current lease liability | 79 | 79 | |||||||||
| Deferred tax liabilities | 46 | 31 | |||||||||
| Other non-current liabilities | 109 | 85 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 1 | 1 | |||||||||
| Additional paid-in capital | 1,369 | 1,356 | |||||||||
| Retained earnings | 2,426 | 2,274 | |||||||||
| Accumulated other comprehensive loss | (263) | (254) | |||||||||
| Treasury stock | (2,348) | (2,339) | |||||||||
| Total Visteon Corporation stockholders’ equity | 1,185 | 1,038 | |||||||||
| Non-controlling interests | 88 | 85 | |||||||||
| Total equity | 1,273 | 1,123 | |||||||||
| Total liabilities and equity | $ | 2,893 | $ | 2,727 | |||||||
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
OPERATING | |||||||||||||||||||||||
Net income (loss) | $ | 40 | $ | 71 | $ | 159 | $ | 132 | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 25 | 24 | 71 | 79 | |||||||||||||||||||
Non-cash stock-based compensation | 10 | 9 | 31 | 26 | |||||||||||||||||||
Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted | 3 | 1 | 7 | 8 | |||||||||||||||||||
| Tax valuation allowance benefit | (7) | — | (7) | — | |||||||||||||||||||
Other non-cash items | 3 | 1 | 10 | (3) | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (6) | (12) | (55) | (19) | |||||||||||||||||||
Inventories | — | 6 | (23) | 23 | |||||||||||||||||||
Accounts payable | (5) | 35 | 3 | (54) | |||||||||||||||||||
Other assets and other liabilities | 35 | (8) | 28 | (23) | |||||||||||||||||||
Net cash provided from (used by) operating activities | 98 | 127 | 224 | 169 | |||||||||||||||||||
INVESTING | |||||||||||||||||||||||
Capital expenditures, including intangibles | (28) | (31) | (96) | (82) | |||||||||||||||||||
| Acquisition of business, net of cash acquired | (48) | — | (48) | — | |||||||||||||||||||
| Contributions to equity method investments | (1) | (1) | (1) | (1) | |||||||||||||||||||
| Loan provided to non-consolidated affiliate | — | — | (5) | — | |||||||||||||||||||
| Other | 1 | 1 | 2 | 3 | |||||||||||||||||||
Net cash used by investing activities | (76) | (31) | (148) | (80) | |||||||||||||||||||
FINANCING | |||||||||||||||||||||||
Dividends to non-controlling interests | — | (12) | — | (27) | |||||||||||||||||||
Short-term debt, net | — | (3) | — | — | |||||||||||||||||||
| Repurchase of common stock | — | (46) | (20) | (76) | |||||||||||||||||||
| Stock based compensation tax withholding payments | — | (1) | (7) | (16) | |||||||||||||||||||
| Proceeds from the exercise of stock options | — | 4 | — | 8 | |||||||||||||||||||
| Principal repayment of term debt facility | (4) | (4) | (13) | (8) | |||||||||||||||||||
Net cash used by financing activities | (4) | (62) | (40) | (119) | |||||||||||||||||||
Effect of exchange rate changes on cash | 27 | (8) | (1) | (8) | |||||||||||||||||||
Net decrease in cash, equivalents, and restricted cash | 45 | 26 | 35 | (38) | |||||||||||||||||||
Cash, equivalents, and restricted cash at beginning of the period | 508 | 459 | 518 | 523 | |||||||||||||||||||
Cash, equivalents, and restricted cash at end of the period | $ | 553 | $ | 485 | $ | 553 | $ | 485 | |||||||||||||||
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, provision for (benefit from) income taxes, non-cash stock-based compensation expense, net interest expense, net income attributable to non-controlling interests, net restructuring expense, equity in net (income)/loss of non-consolidated affiliates, gain on non-consolidated affiliate transactions, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
| Three Months Ended | Nine Months Ended | Estimated | |||||||||||||||||||||||||||
| September 30, | September 30, | Full Year | |||||||||||||||||||||||||||
Visteon: | 2024 | 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||||
| Net income attributable to Visteon Corporation | $ | 39 | $ | 66 | $ | 152 | $ | 120 | 202 | ||||||||||||||||||||
| Depreciation and amortization | 25 | 24 | 71 | 79 | 96 | ||||||||||||||||||||||||
| Provision for income taxes | 11 | 21 | 55 | 48 | 75 | ||||||||||||||||||||||||
| Non-cash, stock-based compensation expense | 10 | 9 | 31 | 26 | 42 | ||||||||||||||||||||||||
| Restructuring, net | 28 | — | 31 | 2 | 34 | ||||||||||||||||||||||||
| Interest expense, net | — | 1 | — | 7 | — | ||||||||||||||||||||||||
| Net income attributable to non-controlling interests | 1 | 5 | 7 | 12 | 10 | ||||||||||||||||||||||||
| Equity in net loss (income) of non-consolidated affiliates | 3 | 1 | 7 | 8 | 9 | ||||||||||||||||||||||||
| Other | 2 | 1 | 3 | 15 | 5 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 119 | $ | 128 | $ | 357 | $ | 317 | $ | 473 | 2 | ||||||||||||||||||
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.
2 Based on mid-point of the range of the Company's financial guidance
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
| Three Months Ended | Nine Months Ended | Estimated | |||||||||||||||||||||||||||
| September 30, | September 30, | Full Year | |||||||||||||||||||||||||||
Visteon: | 2024 | 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||||
| Cash provided from (used by) operating activities | $ | 98 | $ | 127 | $ | 224 | $ | 169 | 305 | ||||||||||||||||||||
| Capital expenditures, including intangibles | (28) | (31) | (96) | (82) | (145) | ||||||||||||||||||||||||
| Free cash flow | $ | 70 | $ | 96 | $ | 128 | $ | 87 | $ | 160 | |||||||||||||||||||
| Restructuring related payments | 3 | 2 | 7 | 6 | 15 | ||||||||||||||||||||||||
| Adjusted free cash flow | $ | 73 | $ | 98 | $ | 135 | $ | 93 | $ | 175 | 3 | ||||||||||||||||||
Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
3 Based on mid-point of the range of the Company's financial guidance
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net income attributable to Visteon | $ | 39 | $ | 66 | $ | 152 | $ | 120 | |||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
| Net income attributable to Visteon | $ | 39 | $ | 66 | $ | 152 | $ | 120 | |||||||||||||||
| Average shares outstanding, diluted | 27.9 | 28.5 | 27.9 | 28.6 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.40 | $ | 2.32 | $ | 5.45 | $ | 4.20 | |||||||||||||||
Adjusted net income and adjusted earnings per share: | |||||||||||||||||||||||
| Net income attributable to Visteon | $ | 39 | $ | 66 | $ | 152 | $ | 120 | |||||||||||||||
| Restructuring, net | 28 | — | 31 | 2 | |||||||||||||||||||
| Other | 2 | 1 | 3 | 15 | |||||||||||||||||||
| Tax impacts of adjustments | (6) | — | (7) | — | |||||||||||||||||||
| Adjusted net income | $ | 63 | $ | 67 | $ | 179 | $ | 137 | |||||||||||||||
| Average shares outstanding, diluted | 27.9 | 28.5 | 27.9 | 28.6 | |||||||||||||||||||
| Adjusted earnings per share | $ | 2.26 | $ | 2.35 | $ | 6.42 | $ | 4.79 | |||||||||||||||
Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.