Visteon (VC) Tops Q3 EPS by 96c, Revenues Beat

Visteon (NASDAQ: VC) reported Q3 EPS of $1.36, $0.96 better than the analyst estimate of $0.40. Revenue for the quarter came in at $747 million versus the consensus estimate of $688.61 million.

• Net sales of $747 million; 3% increase Y/Y excluding currency
• Net income of $6 million or $0.21 per diluted share
• Adjusted net income of $38 million or $1.36 per diluted share, excluding restructuring charges
• Adjusted EBITDA of $87 million, 11.6% of sales
• $1.5 billion in new business wins and record 23 new product launches in Q3
• Repaid $400 million on revolving credit facility; $87 million net cash position

“The proactive measures we took earlier in the year to control costs also helped Visteon achieve record profitability for a third quarter,” said President and CEO Sachin Lawande. “We launched a record 23 new products in Q3, including products on flagship vehicles such as the new Ford F-150 and the Mercedes Benz S-Class. The combined projected lifetime revenue of these 23 launches is more than $2.5 billion, and will help Visteon continue our market outperformance in the coming quarters.”

For earnings history and earnings-related data on Visteon (VC) click here.

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