VAN BUREN TOWNSHIP, Mich. — Visteon Corp. has announced its second quarter 2009 results, reporting a net loss of $112 million, or 87 cents per share, on sales of $1.57 billion. For the second quarter of 2008, Visteon reported a net loss of $42 million, or 32 cents per share, on sales of $2.91 billion. Adjusted EBITDA for second quarter 2009 was $73 million, compared with $188 million in second quarter 2008.

Compared with first quarter 2009, Visteon’s second quarter 2009 sales, gross margin and adjusted EBITDA improved, reflecting continued benefits from restructuring and cost-saving efforts along with modest increases in vehicle production.

"While we have seen signs of sequential improvement in vehicle production, the industry remains extremely challenged in the near-term," said Donald Stebbins, chairman and chief executive officer. "Despite the difficult operating environment, our second quarter results demonstrate that we have been able to take the necessary actions to serve our customers, preserve capital and position our global business for future success."

Approximately 29 percent of second quarter product sales were to Ford Motor Co., while Hyundai-Kia accounted for 28 percent. Renault-Nissan and PSA/Peugeot-Citroen accounted for about 9 percent and 7 percent of sales, respectively. On a regional basis, Europe accounted for about 39 percent of total product sales, with Asia representing 35 percent, North America representing 20 percent and the balance in South America.

For second quarter 2009, total sales were $1.57 billion, including product sales of $1.48 billion and services revenue of $87 million. Product sales decreased by about $1.30 billion, or 47 percent, year-over-year as lower production, net of new business, reduced sales by about $840 million. Divestitures and facility closures, as well as foreign currency, further reduced sales by about $240 million and $180 million, respectively. The company experienced lower sales in each of the major regions in which it operates, reflecting decreased customer production volumes as vehicle sales declined in response to weak global economic conditions.

Gross margin for second quarter 2009 was $80 million, compared with $231 million for the same period a year ago. The impact of lower production levels, along with divestitures and facility closures, more than offset savings from favorable net cost performance and restructuring activities.

Selling, general and administrative expense for second quarter 2009 totaled $97 million, a decrease of $59 million, or 38 percent, compared with the same period a year ago, reflecting significant ongoing cost-reduction actions.

For second quarter 2009, the company reported a net loss of $112 million, or 87 cents per share. This compares with a net loss of $42 million, or 32 cents per share, in the same quarter a year ago. Restructuring and reorganization costs of $18 million and $7 million, respectively, were incurred during the quarter. Additionally, there were no reimbursable costs from the escrow account during the quarter as all available funds in this account had been allocated as of March 31. Second quarter 2008 results included $11 million of asset impairments and loss on divestiture, along with $36 million of restructuring and other reimbursable expenses, of which $18 million qualified for reimbursement from the escrow account. Income tax expense for second quarter 2009 was $31 million, compared with $49 million in the same period a year earlier. Adjusted EBITDA for second quarter 2009 was $73 million, compared with $188 million for second quarter 2008.