Visteon reports Q4 EPS $4.44

Reports Q4 revenue $939M, consensus $954.17M. The company said, “Net income attributable to Visteon (VC) was $122 million, or $4.37 per diluted share. Net income decreased from the prior year due to a prior year non-cash tax benefit of $313 million, compared to a current year non-cash tax benefit of $49 million, both related to a reduction in the valuation allowance against U.S. deferred tax assets. Adjusted EBITDA, a non-GAAP measure as defined below, was $117 million. Adjusted EBITDA performance reflects strong operating performance, the ongoing benefits of cost and commercial discipline, and lower year-over-year net engineering cost due to favorable timing of recoveries, partially offset by higher SG&A. Adjusted EBITDA margin was 12.5% of sales, an increase of 70 basis points compared to the prior year.”