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Visteon Corporation
Type
Public
Traded as NYSE: VC
Industry Automotive industry
Founded 2000 in Michigan, USA
Headquarters Van Buren Township, Michigan, USA
Area served
Worldwide
Key people
Sachin Lawande (President and CEO)
Products Automotive cockpit electronics
Revenue US$3.16 billion (2016)
Total assets US$6.03 billion (2013)
Number of employees
10,000(2016)
Website visteon.com

Visteon Corporation (VC) is an American global automotive electronics supplier and Fortune 500 company spun off from the Ford Motor Company in 2000. Visteon is composed of multiple businesses that design, engineer, and manufacture vehicle cockpit electronics products and connected car solutions for a diversified customer base, including all of the major automakers worldwide. Visteon trades on the New York Stock Exchange under the symbol VC.

Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2016, Visteon had sales of US$3.16 billion and 10,000 employees at more than 40 facilities in 19 countries. Since its independence from Ford, Visteon has set a corporate goal of expanding business with other companies, and now has a diversified customer base, working with all of the major automakers worldwide. Visteon's market share, market and revenue has changed substantially since it formed. A majority of revenue (80+%) came from North America, driven by its relationship with Ford Motor Company. Today, its revenue comes predominately from Asia, North America, and Europe. In 2005, Visteon moved to new headquarters in Van Buren Township, Michigan.

Initially, Visteon participated in three main divisions, namely: climate, electronics, and interior systems. With the sale of its equity interest in the Climate operations in mid-year 2015 and completed sale of its interiors business in 2016, Visteon re-focused on the high-growth cockpit electronics business with a focus on software and the connected car. In 2015, Visteon introduced Sachin Lawande as the new president and CEO to lead the next phase of company growth. During October of 2017 Visteon fired more than half of its engineers and other employees from the headquarters in Van Buren Township and moved engineering divisions as well as other divisions to Mexico to reduce labor costs

The company has three corporate offices reflecting the company's key markets.

Automotive Cockpit Electronics

Audio and Infotainment

Vehicle Electronics

Information and Controls

On September 13, 2005, Visteon and Ford reached an agreement whereby seventeen of the less-profitable Visteon plants and six offices would be transferred to an independent business entity called Automotive Components Holdings LLC. This action, intended to assure the long-term viability of Visteon, involved the transfer of 18,000 hourly workers and 5000 salaried workers to the new entity, reducing Visteon to approximately 52,000 employees worldwide and US$11 billion in annual sales. Three of the plants are in Mexico, the remaining plants and six offices are in the US. Automotive Components Holdings (ACH), managed by Ford, was referred to as a "temporary entity", as its purpose was to prepare the plants and facilities for sale. By the end of 2007, all ACH operations had been closed, scheduled for closure, merged at least partially, or sold (two back to Ford), with transactions to be completed by the end of 2008 except for one plant which is to remain an ACH facility until its closure in 2009.

On March 31, 2009, Visteon's UK subsidiary was deemed insolvent, and placed into administration. The UK subsidiary had never been profitable, and the insolvency was the result of the US parent company being unable to continue to support the British operation. The administrators, KPMG, immediately moved to close all three Visteon UK factories and made 565 workers redundant. Visteon's profitable UK subsidiary Visteon Engineering Services (VES) remained unaffected by the restructuring.

As a result, workers have occupied the plants in Belfast, Northern Ireland and Enfield, London and are picketing the plant in Basildon, Essex, to gain better redundancy packages.

The Subprime mortgage crisis greatly impacted the auto industry and left Visteon with little demand. During early March 2009, Visteon was delisted from the New York Stock Exchange for trading at extremely low levels. This action came after Visteon shared dropped from 7 cents, to 2 cents. On May 28, 2009, the company filed voluntary petitions to reorganize Visteon Corporation and certain of its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy Code. The case was heard in Delaware on May 29, 2009 by Judge Christopher Sontchi where Visteon was granted Chapter 11 protection.

Visteon completed its reorganization and emerged from Chapter 11 on October 1, 2010.

In July 2014 Visteon acquired Johnson Controls electronics division for $265 Million.
In July 2016 Visteon acquired AllGo Embedded Systems Pvt Ltd.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-10-26 Future report Set alerts
Q2 2022 2022-07-28 1.34 1.34
Q1 2022 2022-04-28 1.09 1.09
Q4 2021 2022-02-17 1.69 1.69
Q3 2021 2021-10-28 0.18 0.18
Q2 2021 2021-07-29 -0.32 -0.32
Q1 2021 2021-04-29 0.56 0.56
Q4 2020 2021-02-18 1.06 1.06
Q3 2020 2020-10-29 0.00 0.00
Q2 2020 2020-07-30 -1.44 -1.62

Ratings

2016-06-28 Reiterated Rating Robert W. Baird Buy
2016-06-22 Initiated Coverage Raymond James Market Perform
2016-06-22 Initiated Coverage Raymond James Financial Inc. Market Perform
2016-06-19 Reiterated Rating FBR & Co. Buy $90.00
2016-06-19 Reiterated Rating FBR & Co Buy $90.00
2016-05-18 Downgrade Tigress Financial Buy to Neutral
2016-05-03 Downgrade Barclays Overweight to Equal Weight $83.00 to $85.00
2016-05-03 Downgrade Barclays PLC Overweight to Equal Weight $83.00 to $85.00
2016-04-29 Boost Price Target FBR & Co. Outperform $87.00 to $90.00
2016-04-19 Reiterated Rating JPMorgan Chase & Co. Buy $87.00
2016-04-16 Reiterated Rating FBR & Co. Outperform $87.00
2016-02-28 Reiterated Rating FBR & Co. Outperform $87.00
2016-01-14 Reiterated Rating FBR & Co. Outperform $130.00
2015-11-06 Boost Price Target JPMorgan Chase & Co. Overweight $117.00 to $128.00
2015-11-06 Boost Price Target Barclays Overweight $116.00 to $127.00
2015-10-20 Boost Price Target Susquehanna $122.00 to $125.00
2015-10-10 Reiterated Rating Barclays Overweight
2015-09-17 Initiated Coverage Wells Fargo & Co. Market Perform $113.50
2015-09-17 Initiated Coverage Wells Fargo Market Perform $113.50
2015-09-03 Initiated Coverage Robert W. Baird Outperform $123.00
2015-08-28 Boost Price Target Susquehanna Positive $121.00 to $122.00
2015-07-17 Lower Price Target Susquehanna Positive $122.00 to $121.00
2015-07-10 Lower Price Target Citigroup Inc. Buy $126.00 to $125.00
2015-06-10 Lower Price Target JPMorgan Chase & Co. Overweight $122.00 to $121.00
2015-06-05 Reiterated Rating FBR & Co. Outperform $130.00
2015-05-11 Boost Price Target Citigroup Inc. Buy $123.00 to $126.00
2015-05-08 Boost Price Target Barclays Overweight $121.00 to $123.00
2015-04-22 Boost Price Target Susquehanna Positive $120.00 to $122.00
2015-04-08 Upgrade Barclays Equal Weight to Overweight $107.00 to $121.00
2015-03-17 Lower Price Target JPMorgan Chase & Co. Overweight $124.00 to $122.00
2015-01-26 Lower Price Target JPMorgan Chase & Co. Overweight $122.00 to $120.00
2015-01-15 Lower Price Target Barclays Equal Weight $112.00 to $107.00
2015-01-07 Initiated Coverage Tigress Financial Buy
2014-12-10 Initiated Coverage Northcoast Research Buy
2014-11-07 Reiterated Rating JPMorgan Chase & Co. Overweight $129.00 to $122.00
2014-10-21 Initiated Coverage Susquehanna Positive $107.00
2014-09-25 Boost Price Target FBR & Co. Outperform $110.00 to $130.00
2014-09-22 Reiterated Rating JPMorgan Chase & Co. Overweight $130.00 to $139.00
2014-09-12 Boost Price Target JPMorgan Chase & Co. $130.00
2014-08-07 Reiterated Rating JPMorgan Chase & Co. Overweight $125.00 to $122.00
2014-07-14 Downgrade Barclays Overweight to Equal Weight $100.00
2014-07-07 Initiated Coverage JPMorgan Chase & Co. Overweight
2014-06-04 Initiated Gabelli & Co Buy $112
2014-06-04 Initiated Coverage Gabelli Buy $112.00
2014-05-14 Reiterated Rating Citigroup Inc. Buy $103.00 to $109.00
2014-04-10 Reiterated Rating Barclays Overweight $93.00 to $102.00
2014-04-10 Initiated Coverage Citigroup Inc. Buy $103.00
2014-03-10 Upgrade Ned Davis Research Neutral to Buy
2014-01-10 Initiated Coverage FBR & Co. Outperform $100.00
2013-11-18 Downgrade Ned Davis Research Buy to Neutral
2013-11-11 Lower Price Target JPMorgan Chase & Co. Overweight $98.00 to $96.00
2013-11-11 Boost Price Target Guggenheim Buy $87.00 to $90.00
2013-10-21 Boost Price Target JPMorgan Chase & Co. Overweight $85.00 to $98.00
2013-10-16 Boost Price Target Barclays Overweight $82.00 to $91.00
2012-01-13 Reiterated Barclays Capital Equal Weight $63 to $57
2016-06-28 Reiterated Rating Robert W. Baird Buy
2016-06-22 Initiated Coverage Raymond James Market Perform
2016-06-22 Initiated Coverage Raymond James Financial Inc. Market Perform
2016-06-19 Reiterated Rating FBR & Co. Buy $90.00
2016-06-19 Reiterated Rating FBR & Co Buy $90.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
STEBBINS DONALD J Former Chairman and CEO 0.41%  (180888) ITT / SNA / SUP / VC / WBC /
Meszaros Steve Vice President 0.09%  (40398) VC /
Lawande Sachin CEO & President 0.06%  (25490) CSC / HAR / VC /
Sharnas Michael Kenneth V.P. & General Counsel 0.06%  (24651) VC /
Stafeil Jeffrey Executive Vice President 0.05%  (21106) MENT / VC /
SCRICCO FRANCIS M 0.04%  (19254) DOOR / VC /
Greenway Joy M Vice President 0.04%  (16348) HI / VC /
Sistek James F Vice President 0.03%  (13862) SUP / VC /
Widgren Michael J VP & Chief Accounting Officer 0.02%  (10399) VC /
Wilson Harry James 0.02%  (8965) BID / VC /
COCROFT DUNCAN 0.02%  (8868) SBAC / VC /
Welch Martin E Former EVP and CFO 0.02%  (8685) ALLE / BRSS / VC /
Jones Jeffrey David 0.02%  (7868) VC /
TREADWELL DAVID L 0.02%  (6840) FBC / FRP / VC /
Vallance Robert R Vice President 0.01%  (4086) VC /
Shull Keith M Senior Vice President 0.01%  (3917) VC /
Yuen Kam Ho George 0.01%  (2753) VC /