Visteon has unveiled second-quarter 2015 results, reporting sales of US$812m and net income attributable to the supplier of US$2.2bn including “a significant gain” related to the sale of its interest in Halla Visteon Climate Control (HVCC).
As a result of the previously announced divestiture of the majority of its climate business, Visteon reclassified a significant portion of climate results to discontinued operations, and recast prior periods accordingly.
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Adjusted EBITDA was US$60m for the second quarter, compared with US$29m in the same period last year.
“Visteon continued its momentum in the second quarter with solid performance in sales, adjusted EBITDA and growth,” said Visteon CEO, Sachin Lawande.
“As a result of our strong performance in the first half, we have reaffirmed full-year guidance.”
“With the sale of our 70% ownership interest in Halla Visteon Climate Control, Visteon is now focused on driving value for customers and shareholders as a technology-focused enterprise dedicated to vehicle cockpit electronics and the connected car – one of the fastest-growing segments in the automotive industry.
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By GlobalData“As a result of that sale, we expect to deliver significant returns to our shareholders over the coming months through a series of actions including stock buybacks and special distributions.”
