visteon corp (VC) Key Developments
Visteon and Codethink Collaborate to Improve Development and Maintainability of In-Vehicle Software
Apr 21 15
Visteon and Codethink have developed a unified approach to collect and integrate Linux ecosystem source code across the wide range of third-party and open source components used in Visteon's infotainment projects with global automakers. Both companies are members of the GENIVI alliance, a non-profit industry alliance committed to driving the broad adoption of specified, open source, In-Vehicle Infotainment (IVI) software. The approach combines key elements of the Baserock and Yocto open source projects. Visteon is believed to be the first organization to use Baserock's upstream source management functionality to support Yocto builds.
Visteon Corporation Enters into an Amendment and Waiver to the Credit Agreement
Mar 27 15
On March 25, 2015, Visteon Corporation entered into an amendment and waiver to its credit agreement dated as of April 9, 2014 with Citibank, N.A., as administrative agent and certain lenders party thereto. The amendment, among other things, provides for certain modifications to the credit agreement to permit Visteon's sale of its ownership interest in Halla Visteon Climate Control Corporation and otherwise to update the credit agreement to account for Halla Visteon Climate Control Corporation no longer being a subsidiary of Visteon following the Halla Visteon Climate Control Corporation sale. While certain waivers granted under the amendment became effective on March 25, 2015, the amendments relating to the Halla Visteon Climate Control Corporation sale will become effective substantially concurrently with the consummation of the Halla Visteon Climate Control Corporation sale.
Timothy D. Leuliette to Step Down as President and Chief Executive Officer of Visteon Corporation by the End of 2015
Mar 16 15
On March 16, 2015, Visteon Corporation announced Timothy D. Leuliette intends to step down as the company’s president and chief executive officer by the end of 2015 upon the appointment of his successor. The board of directors has retained executive search firm Spencer Stuart to evaluate candidates to succeed Leuliette.
Visteon Opens Fourth Manufacturing Plant in India
Mar 11 15
Visteon (VC) reported that it has started production at its 95,600-square-foot new factory in the state of Gujarat, India. The 70% owned VC subsidiary, HVCC, will make automobile heating and cooling systems at factory, which has an annual capacity of 2 million units that can be doubled as necessary, said VC.
Visteon Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015
Feb 26 15
Visteon Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, sales were $2,039 million against $1,691 million a year ago. Income from continuing operations before income taxes was $59 million against $615 million a year ago. Net income from continuing operations was $29 million against $557 million or $10.84 per diluted share a year ago. Net loss attributable to the company was $138 million or $3.12 per diluted share against net income attributable to the company of $513 million or $0.28 per diluted share a year ago. Net cash provided from operating activities was $104 million against $133 million a year ago. Capital expenditures was $131 million against $105 million a year ago. Adjusted net income was $74 million or $1.67 per share against $96 million or $1.93 per share a year ago.
For the year, sales were $7,509 million against $6,371 million a year ago. Income from continuing operations before income taxes was $261 million against $902 million a year ago. Net income from continuing operations was $137 million or $0.70 per diluted share a against $785 million or $14.08 per diluted share a year ago. Net loss attributable to the company was $295 million or $6.25 per diluted share against net income attributable to the company of $690 million or $13.80 per diluted share a year ago. Net cash provided from operating activities was $284 million against $312 million a year ago. Capital expenditures was $340 million against $269 million a year ago. Adjusted net income was $198 million or $4.19 per share against $331 million or $6.48 per share a year ago.
The company expects projects electronics and other product group 2015 sales in the range of $3.2 to $3.4 billion. Adjusted EBITDA for the Electronics Product Group and Corporate Segment is projected in the range of $225 million to $255 million. Adjusted free cash flow for the Electronics and Corporate Segment is projected in the range of $20 million to $60 million.