VAN BUREN TWP. — The auto supplier Visteon Corp. (NYSE: VC) reported fourth quarter net income of $2 million or 6 cents a share, down from $21 million or 52 cents a share a year earlier. Revenu ewas $816 million, up from $809 million a year earlier.
For the full year, net income was $75 million or $2.14 a share, down from $2.28 billion or $52.63 a share a year earlier. Revenue for the full year was $3.16 billion, down from $3.25 billion a year earlier.
Profitability for both periods was strongly affected by discontinued operations. Visteon reported a loss of $25 million from discontinued operations in the fourth quarter, vs. net income of $92 million a year earlier. And for the year, Visteon reported a loss of $40 million from discontinued operations, vs. a whopping net income of $2.29 billion from discontinued operations a year earlier.
The 2016 figure for net income also included $49 million of restructuring expense. The fourth quarter net income figure included $27 million of restructuring expenses.
The company said its Electronics Product Group posted a record 2016, with sales of $3.11 billion for the year and an all-time-high order backlog of $16.5 billion.
The company also said it had largely completed the exit of its legacy busineses in auto climate control and auto interiors.
“We finished the year very strong and delivered exceptional financial results in 2016, a year in which we transformed Visteon into a leading player in the cockpit electronics segment,” said Visteon President and CEO Sachin Lawande. “We returned $2.2 billion in capital to investors during the year, while making significant progress on our strategic priorities, including winning $5.4 billion in new business – primarily in China and Western Europe – and executing a record 59 product launches. As the shift toward the all-digital cockpit gains momentum, we are very well-positioned to capitalize on opportunities as the only pure-play automotive cockpit electronics supplier.”
Visteon projects Electronics Product Group 2017 sales of $3.1 billion to $3.2 billion. Adjusted earnings before interest, taxes, depreciation and amortization for the group is projected in the range of $355 million to $370 million.
Headquartered in Van Buren Township, Visteon has approximately 10,000 employees at more than 40 locations in 19 countries.
To listen to a replay of a conference call discussing these results, visit http://www.visteon.com, or call (855) 859-2056 in the United States and Canada, or (404) 537-3406 elsewhere, using the pass code 66413145.