Visteon (VC) Q4 FY2023 earnings: revenue $990 million, down 7.0% on the year

Visteon Corp. (VC) reported revenue of $990 million for Q4 FY2023, the quarter ended 31 December 2023, down 7.0% on the same quarter a year earlier. Net income was $366 million, up 976.5% on the year, and diluted earnings per share $12.98. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$990 milliondown 7.0%

Net income$366 millionup 976.5%

Diluted EPS$12.98

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	990	1,014	n/a	n/a
Cost of revenue	860	871	n/a	n/a
Gross profit	130	143	n/a	n/a
Gross margin	13.1%	14.1%	n/a
Selling, general and administrative	51.0	52.0	n/a	n/a
Interest expense	4.0	4.0	n/a	n/a
Pre-tax income	77.0	92.0	n/a	n/a
Income tax	-296	21.0	n/a	n/a
Effective tax rate	-384.4%	22.8%	n/a
Net income	366	66.0	n/a	n/a
Net margin	37.0%	6.5%	n/a
Diluted EPS	$12.98	$2.32	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	98.0	127	n/a	n/a
Cash from investing	-43.0	-31.0	n/a	n/a
Cash from financing	-37.0	-62.0	n/a	n/a
Depreciation and amortisation	25.0	24.0	n/a	n/a
Share-based compensation	8.0	9.0	n/a	n/a
Buybacks	31.0	46.0	n/a	n/a
Diluted shares, weighted	28m	28m	n/a	n/a
Shares outstanding at period end	28m	28m	n/a	n/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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,038	724	n/a	n/a
Non-controlling interest	85.0	77.0	n/a	n/a
Debt	318	323	n/a	n/a
Operating lease liabilities	79.0	87.0	n/a	n/a
Other liabilities	1,207	1,146	n/a	n/a
Total liabilities and equity	2,727	2,357	n/a	n/a
Fixed assets	418	377	n/a	n/a
Intangible assets	46.0	40.0	n/a	n/a
Cash and equivalents	515	481	n/a	n/a
Receivables	666	679	n/a	n/a
Inventory	298	318	n/a	n/a
Other assets	784	462	n/a	n/a
Total assets	2,727	2,357	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,014	990	933	1,014	980	939	934	969	917	948	954	960
Cost of revenue	871	860	814	867	849	805	796	828	786	826	841	842
Gross profit	143	130	119	147	131	134	138	141	131	122	113	118
Gross margin	14%	13%	13%	14%	13%	14%	15%	15%	14%	13%	12%	12%
SG&A	52.0	51.0	52.0	49.0	51.0	55.0	47.0	48.0	53.0	54.0	54.0	46.0
Interest expense	4.0	4.0	4.0	4.0	4.0	3.0	3.0	4.0	3.0	3.0	3.0	2.0
Pre-tax income	92.0	77.0	63.0	100	51.0	84.0	95.0	97.0	81.0	65.0	49.0	76.0
Tax rate	23%	-384%	21%	13%	20%	-52%	27%	23%	111%	-20%	33%	34%
Net income	66.0	366	48.0	83.0	40.0	125	67.0	71.0	-11.0	74.0	31.0	49.0
Net margin	7%	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 flow	127	98.0	69.0	57.0	98.0	203	70.0	95.0	127	118	6.0	37.0
Buybacks	46.0	31.0	20.0	20.0	0.0	23.0	7.0	0.0	0.0	50.0	30.0	6.0
Dividends paid	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	8.0	7.0	10.0	10.0
Shares outstanding	28m	28m	28m	27m	27m	27m	27m	27m	27m	27m	27m	27m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-K for the period ended 31 December 2023, filed 20 February 2024, accession 0001111335-24-000018: the filing on EDGAR. All of Visteon Corp.'s filings: EDGAR company page.

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