Visteon Corp Files Q2 2024 10-Q Report
Ticker: VC · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1111335
| Field | Detail |
|---|---|
| Company | Visteon CORP (VC) |
| Form Type | 10-Q |
| Filed Date | Jul 25, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Visteon's Q2 10-Q is in. Check financials.
AI Summary
Visteon Corp filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and business operations for Visteon Corp are detailed within this report.
Why It Matters
This 10-Q filing provides investors and analysts with crucial financial performance data for Visteon Corp, impacting investment decisions and market valuation.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.
Key Players & Entities
- VISTEON CORP (company) — Filer
- 20240630 (date) — Reporting Period End Date
- 20240725 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240725.
What is Visteon Corp's Standard Industrial Classification?
Visteon Corp's Standard Industrial Classification is MOTOR VEHICLE PARTS & ACCESSORIES [3714].
What is Visteon Corp's fiscal year end?
Visteon Corp's fiscal year ends on 1231.
What is the business address for Visteon Corp?
The business address is ONE VILLAGE CENTER DRIVE, VAN BUREN TOWNSHIP, MI 48111.
Filing Stats: 4,841 words · 19 min read · ~16 pages · Grade level 16.9 · Accepted 2024-07-25 07:04:34
Filing Documents
- vc-20240630.htm (10-Q) — 1085KB
- ex-311q2202410xq.htm (EX-31.1) — 8KB
- ex-312q2202410xq.htm (EX-31.2) — 8KB
- ex-321q2202410xq.htm (EX-32.1) — 3KB
- ex-322q2202410xq.htm (EX-32.2) — 3KB
- vc-20240630_g1.jpg (GRAPHIC) — 40KB
- vc-20240630_g2.jpg (GRAPHIC) — 41KB
- 0001111335-24-000121.txt ( ) — 6450KB
- vc-20240630.xsd (EX-101.SCH) — 47KB
- vc-20240630_cal.xml (EX-101.CAL) — 72KB
- vc-20240630_def.xml (EX-101.DEF) — 192KB
- vc-20240630_lab.xml (EX-101.LAB) — 495KB
- vc-20240630_pre.xml (EX-101.PRE) — 359KB
- vc-20240630_htm.xml (XML) — 944KB
- Financial Information
Part I - Financial Information Page
- Condensed Consolidated Financial Statements
Item 1 - Condensed Consolidated Financial Statements 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Condensed Consolidated Statements of Changes in Equity (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7
- Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 23
- Quantitative and Qualitative Disclosures about Market Risk
Item 3 - Quantitative and Qualitative Disclosures about Market Risk 35
- Controls and Procedures
Item 4 - Controls and Procedures 35
- Other Information
Part II - Other Information 37
- Legal Proceedings
Item 1 - Legal Proceedings 37
- Risk Factors
Item 1A - Risk Factors 37
- Unregistered Sales of Equity Securities and Use of Proceeds
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 37
- Other Information
Item 5 - Other Information 37
- Exhibits
Item 6 - Exhibits 37 Exhibit Index 38
Signatures
Signatures 38 2 Part I Financial Information
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements VISTEON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 1,014 $ 983 $ 1,947 $ 1,950 Cost of sales ( 867 ) ( 879 ) ( 1,681 ) ( 1,736 ) Gross margin 147 104 266 214 Selling, general and administrative expenses ( 49 ) ( 52 ) ( 101 ) ( 104 ) Restructuring, net ( 1 ) ( 1 ) ( 3 ) ( 2 ) Interest expense ( 4 ) ( 4 ) ( 8 ) ( 9 ) Interest income 4 1 8 3 Equity in net income (loss) of non-consolidated affiliates — ( 2 ) ( 4 ) ( 7 ) Other income (expense), net 3 ( 10 ) 5 ( 7 ) Income (loss) before income taxes 100 36 163 88 Provision for income taxes ( 25 ) ( 13 ) ( 44 ) ( 27 ) Net income (loss) 75 23 119 61 Less: Net (income) loss attributable to non-controlling interests ( 4 ) ( 3 ) ( 6 ) ( 7 ) Net income (loss) attributable to Visteon Corporation $ 71 $ 20 $ 113 $ 54 Comprehensive income (loss) $ 55 $ 3 $ 84 $ 56 Less: Comprehensive (income) loss attributable to non-controlling interests ( 2 ) 1 ( 3 ) ( 2 ) Comprehensive income (loss) attributable to Visteon Corporation $ 53 $ 4 $ 81 $ 54 Basic earnings (loss) per share attributable to Visteon Corporation $ 2.57 $ 0.71 $ 4.09 $ 1.91 Diluted earnings (loss) per share attributable to Visteon Corporation $ 2.54 $ 0.70 $ 4.05 $ 1.88 See accompanying notes to the condensed consolidated financial statements. 3 VISTEON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) June 30, December 31, 2024 2023 ASSETS Cash and equivalents $ 505 $ 515 Restricted cash 3 3 Accounts receivable, net 695 666 Inventories, net 311 298 Other current assets 127 134 Total current assets 1,641 1,616 Property and equipment, net 416 418 Intangible assets, net 84 90 Right-of-use assets 111 109 Investments in