VAN BUREN TOWNSHIP, Mich. – Visteon Corp. announced full-year 2014 results, reporting a net loss attributable to Visteon of $295 million, or $6.25 per diluted share, including a $343 million loss on discontinued operations.
Full-year sales were $7.51 billion, an increase of $1.138 billion or 18 percent compared with 2013.
In 2014, customers awarded Visteon a record $1.3 billion in electronics new business wins. Combined electronics and climate new business wins totaled $1.8 billion in annual revenue, including 1.1 billion of incremental new wins and $700 million of re-win business. Visteon projects the electronics order book and restructuring savings associated with the consolidation of the Johnson Controls electronics operations will generate a projected 40 percent growth in EBITDA by 2018, with new major platform awards supporting more robust growth through the end of the decade.
“We delivered a strong finish to an excellent year highlighted by several key achievements, including announcing the sale of our Halla Visteon Climate Control business, acquiring the electronics business of Johnson Controls, and completing the majority of our divestiture of the non-core interiors business,” said Timothy Leuliette, president and CEO. “With our singular focus on the vehicle cockpit electronics ecosystem; outstanding technology; and a balanced footprint across Asia, Europe and the Americas; Visteon is winning significant new business and is well-positioned to continue delivering value for our customers and shareholders.”
Visteon projects Electronics and Other Product Group 2015 sales in the range of $3.2 to $3.4 billion.
