Visteon Corporation, which designs, engineers and manufactures innovative cockpit electronics products and connected car solutions for most of the world’s major vehicle manufacturers, has announced strong full-year 2016 results, reporting net income attributable to Visteon of $75 million, including $49 million of restructuring expense, $24 million of other net expense and $40 million of net loss associated with discontinued operations.
Full-year sales were $3,161 million, a decrease of $84 million compared with 2015, primarily attributable to the sale of an interiors European facility in 2015. Net cash provided from operating activities was $120 million for full year 2016.
In 2016, global vehicle manufacturers awarded Visteon new business of $5.4 billion in lifetime revenue. Fourth-quarter wins totaled $1.3 billion. The ongoing backlog, defined as cumulative remaining life-of-program booked sales, was approximately $16.5 billion as of December 31, 2016, up from $14.9 billion in 2015, an increase of 11 percent.
“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.”
Lawande added: “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. Our focus, strong balance sheet and broad product and technology portfolio place us in a formidable position to deliver industry-leading performance for our shareholders, customers and employees. Our $16.5 billion business backlog provides a solid foundation to execute our five-year plan and grow sales to $4.7 billion by 2021.”
Full-year 2017 outlook
Visteon projects Electronics Product Group 2017 sales of $3.1 billion to $3.2 billion. Adjusted EBITDA for the Electronics Product Group is projected in the range of $355 million to $370 million. Adjusted free cash flow for the Electronics Product Group is projected in the range of $165 million to $180 million.