Visteon Corp. has announced second-quarter 2019 results, reporting net income attributable to Visteon of $7 million or 25 cents per diluted share, compared with $35 million or $1.17 per diluted share in the second quarter of 2018.
Second-quarter 2019 sales were $733 million, compared with $758 million in the second quarter of 2018. Visteon said the decrease of $25 million is primarily due to unfavorable vehicle production volumes, customer pricing and unfavorable currency, partially offset by new business and the consolidation of a previously non-consolidated affiliate.
During the first half of 2019, global vehicle manufacturers awarded Visteon new business of $3.2 billion in lifetime sales, with more than 60 percent from next-generation digital products – including three wins powered by Visteon’s industry-first SmartCore domain controller. More than one-third of the wins are on electric vehicle platforms.
“Despite the challenging vehicle production environment, our second-quarter sales outperformed the industry, particularly in China,” said Visteon President and CEO Sachin Lawande. “We continued to gain momentum in winning next-generation digital platforms, including an Android-based display audio system with a European automaker, a multi-display module with a Korean vehicle manufacturer and a cross-platform SmartCore award with a China-based automaker. Our pipeline of new business opportunities remains robust despite the near-term uncertainty, which reinforces our confidence in the long-term prospects of the business.”
Full-Year 2019 Outlook
Visteon updated its full-year 2019 guidance, with sales in the range of $2.9 billion to $3 billion, adjusted EBITDA in the range of $230 million to $250 million, and adjusted free cash flow in the range of $30 million to $50 million.