Slides
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Visteon Q4 & Full-Year 2024 Earnings February 18, 2025
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Strong FY 2024 Performance 2 (1) Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution. SDV = Software Defined Vehicle $3,866 Million Robust Net Sales $474 Million Record Adjusted EBITDA $300 Million Record Adjusted FCF +4% Growth-over-Market(1) 12.3% Margin $307 Million Net Cash BALANCED CAPITAL ALLOCATION STRATEGY Deployed >$100 million to M&A and share repurchases FOCUS ON OPERATIONAL EXCELLENCE Launched 95 new products and expanded margins by 130 bps DISPLAYS AND SMARTCORE LEAD NEW BUSINESS WINS Delivered $6+ billion of new business wins Delivered GoM of 9% outside of China SDV AND ELECTRIFICATION DRIVE OUTGROWTH Expanding our leadership in digital cockpit and electrification electronics
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Product Launches Aligned with Megatrends 3 SDV, Digitalization, and Electrification trends drive high number of new product launches Key Q4 2024 Model Launches Citroen C4 Digital Cluster ICE and EV Jeep Recon Battery Management System Electric Vehicle Honda e:NP1 – China Digital Cluster Electric Vehicle Nissan Murano Multi-Display Module ICE Vehicle FY 2024 Product Trends Growth of Hybrids and Affordable BEVs Flexible BMS system enables OEMs to offer a range of electrified vehicles with different battery configurations Digitalization Trend Gaining Traction in Mass Market PV, CV, and 2W Digital clusters and infotainment gaining share with Europe value brands and CVs, along with 2W in Asia 95 New Product Launches in 2024 Ford Maverick Digital Cluster & Infotainment ICE and Hybrid TVS Scooter Digital Cluster RoA 2W OEM SDV Growing in Mid to Upper Segment of Market Higher performance SmartCore systems and large displays drive greater software and electronics content globally PV = Passenger Vehicle; CV = Commercial Vehicle; 2W = Two-Wheeler
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Strong New Business Wins 4 FY 2024 New Business Wins by Product New Business Win Highlights Building Momentum with Toyota Growing relationship with largest global car manufacturer Multiple Large Display Wins Record amount of large display wins across multiple OEMs Cockpit Win with Maruti Suzuki First win with largest OEM in Indian market with runway for expansion Displays Clusters SmartCore & Infotainment Electrification & Other 17% 26% 43% 14% $6.1B First SmartCore HPC Win AI in the cockpit system for premium brand of Geely in China First OBC and DC/DC Converter Wins Industry-leading power conversion efficiency and density systems
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Delivering on Strategic Initiatives in 2024 5 RoA = Asia excluding China Focus on Fast Growing Domains Deep Product Alignment with Trends Platform-Based Product Development Global Best-Cost Product Delivery Balanced Capital Allocation ✓ Significant bookings of next-gen large displays and cockpit domain controllers ✓ Executed share repurchases of $63 million ✓ First win for high-performance compute (“HPC”) with domestic Chinese OEM ✓ Accelerated vertical integration (e.g. backlight unit for displays and automotive cameras) ✓ Invested in automotive software training and development at scale with Visteon University ✓ First win for on-board charger and DC/DC converter expands electrification business ✓ Bolt-on acquisition of technology companies to broaden Visteon’s capabilities ✓ Optimized global footprint to align with evolving market dynamics ✓ Maintained software platform leadership through further technology integration ✓ Deployed $55 million to acquisitions that expand product and technology portfolio ✓ Introduced Cognito AI - industry-first AI software framework for the cockpit
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6 Growth in 2026 & 2027 ▪ Global vehicle production based on industry forecast(1) with modest increase in customer production ▪ Modest growth in China driven by new product launches with domestic, Japanese, and German OEMs 2025 Sales Outlook ▪ Customer production expected to decline mid single-digits(1) ▪ Visteon’s China sales decline expected to moderate in 2025 ▪ Flat base sales as customer recoveries and FX are ~3.5% y/y headwind Targeting ~$4.15B of sales in 2027Guiding to $3.75B(2) of sales in 2025 ▪ Growth-over-market of mid to high single-digit driven by new product launches ▪ Mid to high single-digit growth-over-market driven by momentum with OEMs in Asia and Europe (1) January 2025 S&P Global LVP Forecast and company estimates. (2) At the midpoint of guidance. NOTE: Production forecast does not include any 2025 tariff impact. 2025 to 2027 Sales Outlook Growth driven by progress on strategic initiatives ▪ Forecast flat to slightly lower sales y/y for BMS given uncertainty of incentives ▪ EV sales expected to grow with market as we launch electrification program with third OEM
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Visteon Q4 & Full-Year 2024 Financial Results February 18, 2025
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Impressive 5-Year Financial Performance 8 Delivered higher revenue, expanded margins, and generated significant cash flow Sales Adjusted EBITDA Adjusted Free Cash Flow Added ~$0.9B Expanded +440 bps Avg Conversion(1) ~38% Strong foundation for continued profitable growth $2,945 $2,548 $2,773 $3,756 $3,954 $3,866 2019 2020 2021 2022 2023 2024 $234 $192 $228 $348 $434 $474 2019 2020 2021 2022 2023 2024 $56 $96 $22 $101 $150 $300 2019 2020 2021 2022 2023 2024 (Dollars in millions) 7.9% margin 7.5% margin 8.2% margin 9.3% margin 11.0% margin 12.3% margin 24% conv. 50% conv. 10% 29% conv. 35% conv. 63% conv. (1) Average represents the sum of Adjusted Free Cash Flow divided by the sum of Adjusted EBITDA from 2019 – 2024. Recoveries
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Q4 2024 Financial Review 9 Strong finish to the year with continued commercial and operational discipline $939 Million Net Sales Strong demand with y/y sales increasing for digital clusters, displays, and electrification GoM of 2% driven by significant outperformance in Americas and Europe, partially offset by China Recoveries stable sequentially and lower y/y due to improved semiconductor supply Adjusted FCF $165 Million $307 Million Net Cash Record cash flow driven by adjusted EBITDA and significant working capital inflow Net cash position supports flexibility and a balanced capital allocation strategy Executing on shareholder returns with $43 million of share repurchases in the quarter 12.5% Margin Adjusted EBITDA Strong adj. EBITDA performance with continued cost discipline and operational performance Lower net engineering y/y due to favorable timing of recoveries Continued commercial execution and strong cost controls drove normalized margins of ~12% $117 Million (1) Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution. GoM = Growth-over-Market +8% GoM(1) Outside of China
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FY 2024 Sales & EBITDA Performance 10 Expanded margins by 130 bps in a challenging industry environment Sales Adjusted EBITDAKey Performance Drivers Growth-Over-Market Market outgrowth of 4% (9% outside of China) supported by ramp-up of product launches Supply Chain Recoveries Y/Y headwind to sales from lower recoveries as the supply chain normalized Engineering Higher level of engineering recoveries drove y/y improvement +$40 ($88) Operational Performance Strong manufacturing performance amid successful launch of 95 new products (Dollars in millions) $3,954 $3,866 2023 2024 $434 $474 2023 2024 12.3% margin 11.0% margin Record Recoveries
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Cash Flow and Capital Allocation 11 Generated substantial cash flow from increased profitability and significant working capital inflow Delivered on Balanced Capital Allocation Approach in 2024 Capital Expenditures Investing to support continued organic growth Mergers & Acquisitions Expanding product and engineering capabilities through bolt-on acquisitions Share Repurchases Continuing to return cash to shareholders $137M $55M $63M (Dollars in millions) FY 2023 FY 2024 Adjusted EBITDA $434 $474 Trade Working Capital (65) 30 Cash Taxes (68) (73) Interest Payments (5) 4 Other Changes (21) 2 Capital Expenditures (125) (137) Adjusted FCF $150 $300 NOTE: $55 million represents net cash outlay for acquisitions.
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2025 Full-Year Guidance 12 Sales Adj. EBITDA Adj. FCF 2025 Key Assumptions $450 – $480 12.4% Margin* MSD/HSD Growth-over-Market* $3.65B – $3.85B ▪ Customer production forecasted to decline mid single-digits ▪ Mid to high single-digit growth-over-market driven by product launches, partially offset by ongoing headwinds in China ▪ Supply chain recoveries step down y/y in 2025 ▪ Capex of ~$150 million for the full-year ▪ Delivering on targeted conversion ratio of ~40% ▪ Strong commercial discipline and operational performance ▪ Margins expand with strong cost controls while investments in engineering continue $175 – $205 ~40% Conversion* *At the midpoint of guidance. NOTE: Guidance does not include any 2025 tariff impact. (Dollars in millions unless otherwise noted)
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$3,750 ~$4,150 2025 2027 $190 ~$230 2025 2027 $465 ~$550 2025 2027 2027 Targets 13 Delivering growth and strong financial performance through 2027 (Dollars in millions) Sales Adjusted EBITDA Free Cash Flow • Modest increase in customer production • Mid to high single-digit growth-over-market • Sales growth driven by strategic initiatives 13.3% margin 12.4% margin 40%+ conv. ~40% conv. NOTE: 2025 figures represent the midpoint of full-year guidance. • Driving increased margins from scale and improvements to operational performance • Incrementals in the low 20% range • Strong cash conversion from capital light business model • Capex assumed at 3.5% to 4.0% of sales 5% CAGR 9% CAGR 10% CAGR
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Investment Thesis 14 Visteon continues to be a compelling long-term investment opportunity Innovative Product Portfolio Digital Cockpit Electronics Leader Balanced Capital Allocation Competitive Cost Structure Industry leader in digital clusters and cockpit domain controllers Portfolio of advanced displays supported by vertical integration Integrated EV solutions including BMS and power electronics Digital cockpit leader for cars, trucks, and two-wheelers Supporting industry shift to hybrid and electric vehicles Nimble and adaptable to changing environment Strong cash generation provides flexibility and supports future growth No material near-term debt maturities Balanced capital allocation across capex, M&A, and shareholder returns Optimizing spend through platform-based approach Leveraging industry-leading engineering footprint Commercial and operational discipline Industry-leading cockpit and electrification electronics product portfolio with best-in-class cost structure
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Earnings Q&A February 18, 2025
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Appendix February 18, 2025
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Forward-Looking Statements 17 This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:: • continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible the imposition of sanctions; • significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources; • failure of the Company’s joint venture partners to comply with contractual obligations or to exert undue influence or pressure in China; • conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; • our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; • our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; • general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations; • disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters; • increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; • changes in laws, tariffs, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and • those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission). Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
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Use of Non-GAAP Financial Information 18 • Because not all companies use identical calculations, Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Adjusted Free Cash Flow used throughout this presentation may not be comparable to other similarly titled measures of other companies. • In order to provide the forward-looking non-GAAP financial measures for full-year 2024, the Company is providing reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the Company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this presentation and the adjustments that management can reasonably predict.
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19 Reconciliation of Non-GAAP Financial Information Adjusted Gross Margin The Company defines Adjusted Gross Margin as gross margin, adjusted to eliminate the impacts of stock -based compensation expense, intangibles amortization and other non-operating costs. Adjusted SG&A The Company defines Adjusted SG&A as SG&A, adjusted to eliminate the impacts of stock -based compensation expense, intangibles amortization and other non-operating costs. 2023 2024 (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Gross margin $ 110 $ 104 $ 143 $ 130 $ 487 $ 119 $ 147 $ 131 $ 134 $ 531 Less: Non-cash, stock-based compensation expense 3 4 4 3 14 4 5 4 4 17 Intangibles amortization — — — 1 1 — — — 1 1 Other 1 — 1 1 3 1 — 1 — 2 Subtotal $4 $4 $5 $5 $18 $5 $5 $5 $5 $20 Adjusted gross margin $114 $108 $148 $135 $505 $124 $152 $136 $139 $551 2023 2024 (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year SG&A $52 $52 $52 $51 $207 $52 $49 $51 $55 $207 Less: Non-cash, stock-based compensation expense (5) (5) (5) (5) (20) (6) (6) (6) (6) (24) Intangibles amortization (3) (2) (3) (1) (9) (1) (1) — (1) (3) Other — (1) — (1) (2) — — (1) — (1) Subtotal ($8) ($8) ($8) ($7) ($31) ($7) ($7) ($7) ($7) ($28) Adjusted SG&A $ 44 $ 44 $ 44 $ 44 $ 176 $45 $42 $44 $48 $179
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Reconciliation of Non-GAAP Financial Information (cont’d) 20 Adjusted Net Income and Adjusted EPS • The Company defines Adjusted Net Income as net income / (loss) attributable to Visteon adjusted to eliminate the impact of re structuring and impairment expense, and related tax effects and other gains and losses not reflective of the Company's ongoing operations. • The Company defines Adjusted Earnings Per Share as adjusted net income divided by average diluted shares outstanding. 2023 2024 (Dollars and shares in millions, except per share data) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net income / (loss) attributable to Visteon $34 $20 $66 $366 $486 $42 $71 $39 $122 $274 Average shares outstanding, diluted 28.7 28.7 28.5 28.2 28.5 28.0 27.9 27.9 27.9 27.9 Earnings / (loss) per share $ 1.18 $ 0.70 $ 2.32 $ 12.98 $ 17.05 $ 1.50 $ 2.54 $ 1.40 $ 4.37 $ 9.82 Net income / (loss) attributable to Visteon $34 $20 $66 $366 $486 $42 $71 $39 $122 $274 Restructuring, net 1 1 — 3 5 2 1 28 1 32 Non-operating costs, net 1 13 1 2 17 1 — 2 3 6 Tax effect of adjustments — — — (4) (4) — (1) (6) (2) (9) Subtotal $2 $14 $1 $1 $18 $3 $— $24 $2 $29 Adjusted net income / (loss) $36 $34 $67 $367 $504 $45 $71 $63 $124 $303 Average shares outstanding, diluted 28.7 28.7 28.5 28.2 28.5 28.0 27.9 27.9 27.9 27.9 Adjusted earnings / (loss) per share $ 1.25 $ 1.18 $ 2.35 $ 13.01 $ 17.68 $ 1.61 $ 2.54 $ 2.26 $ 4.44 $ 10.86 In 2024, the Company determined that additional U.S. deferred income tax assets were more likely than not to be realized resulting in a $49 million non-cash tax benefit to Net income attributable to Visteon Corporation or $1.76 per diluted share. 2023 includes a non-cash tax benefit to Net income attributable to Visteon Corporation of $313 million, or $11.10 per diluted share in the fourth quarter, and $10.98 per diluted share for the full year, related to a reduction in the valuation allowance against the U.S. deferred tax assets.
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Reconciliation of Non-GAAP Financial Information (cont’d) 21 Adjusted EBITDA The Company defines Adjusted EBITDA as net income / (loss) attributable to the Company adjusted to eliminate the impact of de preciation and amortization, restructuring and impairment expense, net interest expense, equity in net (income) / loss of non-consolidated affiliates, provision for (benefit from) income taxes, n et income / (loss) attributable to non-controlling interests, non-cash stock-based compensation expense, and other gains and losses not reflective of the Company's ongoing operations. 2023 2024 (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year FY 2025 Guidance Midpoint Net income / (loss) attributable to Visteon $34 $20 $66 $366 $486 $42 $71 $39 $122 $274 $230 Depreciation and amortization 29 26 24 25 104 22 24 25 25 96 105 Restructuring, net 1 1 — 3 5 2 1 28 1 32 5 Interest expense, net 3 3 1 — 7 — — — (2) (2) — Equity in net (income) / loss of non-consolidated affiliates 5 2 1 2 10 4 — 3 (4) 3 (5) Provision for (benefit from) income taxes 14 13 21 (296) (248) 19 25 11 (41) 14 70 Net income / (loss) attributable to non-controlling interests 4 3 5 7 19 2 4 1 3 10 10 Non-cash, stock-based compensation 8 9 9 8 34 10 11 10 10 41 45 Other 1 13 1 2 17 1 — 2 3 6 5 Subtotal $65 $70 $62 ($249) ($52) $60 $65 $80 ($5) $200 $235 Adjusted EBITDA $99 $90 $128 $117 $434 $102 $136 $119 $117 $474 $465 2024 and 2023 include a non-cash tax benefit to Net income attributable to Visteon Corporation of $49 million and $313 million, respectively, related to a reduction in the valuation allowance against the U.S. deferred tax assets.
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Reconciliation of Non-GAAP Financial Information (cont’d) 22 Free Cash Flow and Adjusted Free Cash Flow • The Company defines Free Cash Flow as cash flow from (for) operating activities less capital expenditures. • The Company defines Adjusted Free Cash Flow as cash flow from (for) operating activities less capital expenditures, as furthe r adjusted for restructuring-related payments. 2023 2024 (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year FY 2025 Guidance Midpoint Cash flow from (for) operating activities ($19) $61 $127 $98 $267 $69 $57 $98 $203 $427 $320 Less: Capital expenditures, including intangibles (21) (30) (31) (43) (125) (37) (31) (28) (41) (137) (150) Free cash flow ($40) $31 $96 $55 $142 $32 $26 $70 $162 $290 $170 Exclude: Restructuring-related payments 3 1 2 2 8 2 2 3 3 10 20 Adjusted free cash flow ($37) $32 $98 $57 $150 $34 $28 $73 $165 $300 $190
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Reconciliation of Non-GAAP Financial Information (cont’d) 23 Adjusted EBITDA Build-up (Dollars in millions) 2023 2024 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Sales $967 $983 $1,014 $990 $3,954 $933 $1,014 $980 $939 $3,866 Gross margin $110 $104 $143 $130 $487 $119 $147 $131 $134 $531 Intangibles amortization — — — 1 1 — — — 1 1 Stock-based compensation expense 3 4 4 3 14 4 5 4 4 17 Other 1 — 1 1 3 1 — 1 — 2 Adjusted gross margin $114 $108 $148 $135 $505 $124 $152 $136 $139 $551 % of sales 11.8% 11.0% 14.6% 13.6% 12.8% 13.3% 15.0% 13.9% 14.8% 14.3% SG&A ($52) ($52) ($52) ($51) ($207) ($52) ($49) ($51) ($55) ($207) Intangibles amortization 3 2 3 1 9 1 1 — 1 3 Stock-based compensation expense 5 5 5 5 20 6 6 6 6 24 Other — 1 — 1 2 — — 1 — 1 Adjusted SG&A ($44) ($44) ($44) ($44) ($176) ($45) ($42) ($44) ($48) ($179) Adjusted EBITDA Adjusted gross margin $114 $108 $148 $135 $505 $124 $152 $136 $139 $551 Adjusted SG&A (44) (44) (44) (44) (176) (45) (42) (44) (48) (179) D&A 26 24 21 23 94 21 23 25 23 92 Other income, net 3 2 3 3 11 2 3 2 3 10 Adjusted EBITDA $99 $90 $128 $117 $434 $102 $136 $119 $117 $474 % of sales 10.2% 9.2% 12.6% 11.8% 11.0% 10.9% 13.4% 12.1% 12.5% 12.3% Equity income (loss) in affiliates ($5) ($2) ($1) ($2) ($10) ($4) $— ($3) $4 ($3) Noncontrolling interests (4) (3) (5) (7) (19) (2) (4) (1) (3) (10)
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Net Engineering 24 2023 2024 (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Engineering costs, gross ($83) ($91) ($79) ($77) ($330) ($83) ($81) ($80) ($90) ($334) Recoveries 27 29 25 39 120 23 31 33 56 143 Engineering costs, net ($56) ($62) ($54) ($38) ($210) ($60) ($50) ($47) ($34) ($191)
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Financial Results – U.S. GAAP 25 2023 2024 (Dollars in millions, except per share data) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Income Statement Sales $967 $983 $1,014 $990 $3,954 $933 $1,014 $980 $939 $3,866 Gross margin 110 104 143 130 487 119 147 131 134 531 SG&A 52 52 52 51 207 52 49 51 55 207 Net income / (loss) attributable to Visteon 34 20 66 366 486 42 71 39 122 274 Earnings / (loss) per share, diluted $1.18 $0.70 $2.32 $12.98 $17.05 $1.50 $2.54 $1.40 $4.37 $9.82 Cash Flow Statement Cash flow from (for) operating activities ($19) $61 $127 $98 $267 $69 $57 $98 $203 $427 Capital expenditures, including intangibles 21 30 31 43 125 37 31 28 41 137 In 2024, the Company determined that additional U.S. deferred income tax assets were more likely than not to be realized resulting in a $49 million non-cash tax benefit to Net income attributable to Visteon Corporation or $1.76 per diluted share. 2023 includes a non-cash tax benefit to Net income attributable to Visteon Corporation of $313 million, or $11.10 per diluted share in the fourth quarter, and $10.98 per diluted share for the full year, related to a reduction in the valuation allowance against the U.S. deferred tax assets.