Every material Form 8-K Visteon filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Visteon reported third-quarter 2024 sales of $980 million, down from $1,014 million a year earlier, and net income attributable to the company of $39 million, down from $66 million. The company also updated its full-year 2024 guidance, projecting sales of $3.85 billion to $3.90 billion and adjusted EBITDA of $465 million to $480 million, which gives shareholders a lower near-term profit picture than the prior year's quarter.
Q3 net sales were $980 million versus $1,014 million in Q3 2023
Diluted EPS was $1.40 versus $2.32; adjusted EPS was $2.26 versus $2.35
Adjusted EBITDA was $119 million versus $128 million; restructuring expense of $28 million in the quarter
Full-year 2024 guidance: sales $3.85 billion to $3.90 billion, adjusted EBITDA $465 million to $480 million, adjusted free cash flow $165 million to $185 million; the filing does not state prior guidance
Visteon reported second quarter 2024 net sales of $1,014 million, up from $983 million a year earlier, and net income attributable to the company of $71 million, up from $20 million. The company updated its full-year 2024 guidance, citing lower customer vehicle production in the second half and market dynamics in China, which signals a more cautious outlook for shareholders.
Q2 diluted EPS was $2.54, compared with $0.70 in the prior-year quarter.
Adjusted EBITDA was a record $136 million, up from $90 million, with a margin of 13.4% of sales.
Full-year 2024 guidance: sales of $3.85 billion to $3.95 billion and adjusted EBITDA of $455 million to $475 million.
Adjusted free cash flow guidance of $155 million to $185 million was maintained.
Visteon reported first-quarter 2024 results on April 25, 2024. Net sales fell to $933 million from $967 million a year earlier, while net income attributable to Visteon rose to $42 million from $34 million, or $1.50 per diluted share versus $1.18. The company kept its full-year 2024 guidance unchanged.
Net sales were $933 million, down from $967 million in the first quarter of 2023, mainly due to lower semiconductor-related recoveries and 1% lower customer vehicle production.
Net income attributable to Visteon was $42 million, or $1.50 per diluted share, compared with $34 million, or $1.18 per diluted share, a year earlier.
Adjusted EBITDA was $102 million, up $3 million from the prior year, and the company reported a net cash position of $175 million at March 31, 2024.
Full-year 2024 guidance was maintained: sales of $4.0 to $4.2 billion, adjusted EBITDA of $470 to $500 million, and adjusted free cash flow of $155 to $185 million.
Visteon reported fourth-quarter and full-year 2023 results, with full-year net sales of $3.95 billion, up 5%, and record adjusted EBITDA of $434 million. Fourth-quarter net sales fell to $990 million from $1.06 billion, and fourth-quarter net income of $366 million included a $313 million non-cash U.S. tax benefit. The company also guided 2024 sales of $4.0 billion to $4.2 billion and adjusted EBITDA of $470 million to $500 million, and extended CEO Sachin Lawande's employment agreement through September 30, 2030.
Full-year 2023 net sales of $3.95 billion, up 5%; full-year net income of $486 million, or $17.05 per diluted share
Fourth-quarter net sales of $990 million, down from $1,064 million a year earlier, mainly due to lower semiconductor supply recoveries
2024 guidance: sales of $4.0 billion to $4.2 billion, adjusted EBITDA of $470 million to $500 million, adjusted free cash flow of $155 million to $185 million
Employment agreement with CEO Sachin Lawande extended to September 30, 2030; base salary set at $1,150,000 effective April 1, 2024
Visteon appointed Colleen E. Myers as Vice President and Chief Accounting Officer, effective January 12, 2024. She previously served as Assistant Controller and has been with the company since June 2015, which means the change is a routine internal promotion for the company's top accounting role.
Colleen E. Myers appointed Vice President and Chief Accounting Officer, effective January 12, 2024
Annual base salary of $250,000, with target bonus of 35% and long-term incentive target of 66% of base salary
Prior role: Assistant Controller since May 2021; joined Visteon in June 2015
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