FT: Visteon fourth-quarter loss

Date: 24 January 2002
Source: FT
Visteon Corp reported fourth-quarter loss per share of 11 cents, in line with analysts' estimates and a narrower loss than last year's special-charge related 67 cents loss, due to weak demand from its former parent and main customer Ford Motor Co.

The company, which in the fourth quarter of 2000 took a 1.06 usd per share charge relating to its glass operations and booked a 16 cents per share gain due to the sale of some assets, was hit by the slowdown in the car market and the industry's overcapacity.Without restructuring charges, the company would have posted a 39 cents EPS in the last three months of 2000.

Chairman and chief executive officer Peter Pestillo said: "Major production cuts and erratic production schedules by our largest customers led to weaker financial performance in the second half."

In the last three months of the year, Visteon's sales to Ford declined by 55 mln usd to 3.671 bln, while non-Ford sales rose 19 mln to 822 mln.

Total costs before exceptional items were roughly flat from last year at 4.505 bln usd

By the end of the quarter, the company had 1.024 bln usd, down 388 mln from the free cash in hand at the end of 2000.

600450 FT: Visteon fourth-quarter loss glassonweb.com
Date: 24 January 2002
Source: FT

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