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Visteon (VC) Q3 FY2023 earnings: revenue $1.0 billion, down 1.2% on the year

Visteon Corp. (VC) reported revenue of $1.0 billion for Q3 FY2023, the quarter ended 30 September 2023, down 1.2% on the same quarter a year earlier. Net income was $66 million, up 50.0% on the year, and diluted earnings per share $2.32. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$1.0 billiondown 1.2%
Net income$66 millionup 50.0%
Diluted EPS$2.32
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue1,014n/an/an/a
Cost of revenue871n/an/an/a
Gross profit143n/an/an/a
Gross margin14.1%n/an/a
Selling, general and administrative52.0n/an/an/a
Interest expense4.0n/an/an/a
Pre-tax income92.0n/an/an/a
Income tax21.0n/an/an/a
Effective tax rate22.8%n/an/a
Net income66.0n/an/an/a
Net margin6.5%n/an/a
Diluted EPS$2.32n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow127n/an/an/a
Cash from investing-31.0n/an/an/a
Cash from financing-62.0n/an/an/a
Depreciation and amortisation24.0n/an/an/a
Share-based compensation9.0n/an/an/a
Buybacks46.0n/an/an/a
Diluted shares, weighted28mn/an/an/a
Shares outstanding at period end28mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity724n/an/an/a
Non-controlling interest77.0n/an/an/a
Debt323n/an/an/a
Operating lease liabilities87.0n/an/an/a
Other liabilities1,146n/an/an/a
Total liabilities and equity2,357n/an/an/a
Fixed assets377n/an/an/a
Intangible assets40.0n/an/an/a
Cash and equivalents481n/an/an/a
Receivables679n/an/an/a
Inventory318n/an/an/a
Other assets462n/an/an/a
Total assets2,357n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,0149909331,014980939934969917948954960
Cost of revenue871860814867849805796828786826841842
Gross profit143130119147131134138141131122113118
Gross margin14%13%13%14%13%14%15%15%14%13%12%12%
SG&A52.051.052.049.051.055.047.048.053.054.054.046.0
Interest expense4.04.04.04.04.03.03.04.03.03.03.02.0
Pre-tax income92.077.063.010051.084.095.097.081.065.049.076.0
Tax rate23%-384%21%13%20%-52%27%23%111%-20%33%34%
Net income66.036648.083.040.012567.071.0-11.074.031.049.0
Net margin7%37%5%8%4%13%7%7%-1%8%3%5%
Diluted EPS$2.32$12.98$1.50$2.54$1.40$4.48$2.36$2.36$2.04$2.67$1.14$1.80
Operating cash flow12798.069.057.098.020370.095.01271186.037.0
Buybacks46.031.020.020.00.023.07.00.00.050.030.06.0
Dividends paidn/an/an/an/an/an/a0.00.08.07.010.010.0
Shares outstanding28m28m28m27m27m27m27m27m27m27m27m27m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 26 October 2023, accession 0001111335-23-000045: the filing on EDGAR. All of Visteon Corp.'s filings: EDGAR company page.

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