Pestillo focused on the company's opportunities for long-term success in today's competitive automotive market. He sighted Visteon's global manufacturing footprint, integration capability, cost cutting record and financial position as a solid foundation for future growth.
"We are well positioned for the future and continue to make progress on improving the competitive structure of the company. In the near-term, historically low third and fourth quarter North American production volumes by our largest customer, our previously announced information technology expenditures and the costs associated with major launches in Europe and North America will put pressure on our financial results," said Pestillo. "Continued customer diversification, operational improvements associated with previously announced restructuring actions and cost cutting efforts will lead to improved results and a stronger Visteon in the future."