Visteon’s Biggest Loss Pushes Stock Down
Wall Street pounded Visteon Corp. stock Friday after the former parts division of Ford Motor Co. reported by far the biggest quarterly loss in its short history as an independent company and underwhelmed investors with its expectations for the first quarter of 2004. Visteon reported a loss of $863 million, or $6.87 per share, for the final three months of 2003, bringing the full-year loss to $1.2 billion, or $9.65 per share. Over the last three years, Visteon has lost about $1.7 billion.
Kayaba to Expand Global Manufacturing Operations
Next month, Kayaba Industry Co., Ltd. (KYB) will acquire a 75 percent shareholding in AP Amortiguadores SA (APA) currently held by ArvinMeritor. In the U.S., Kayaba is set to expand its manufacturing base at Franklin, Ind, to support growing sales of KYB shocks and struts to the North American aftermarket.
Visteon Projects Profit After Losses
Visteon Corp. expects to earn a small net profit this year after losing at least $1.6 billion from 2001 to 2003, executives said Thursday. If Visteon turns a profit this year, it would be the first since 2000, the year the auto parts maker separated from Ford Motor Co. In a briefing for Wall Street analysts in conjunction with the North American International Auto Show, Visteon laid out its financial expectations for the first time in at least a year.
Lear Bases Rosy Outlook on Economy, New Sales
Auto-interiors supplier Lear Corp. said Thursday it would grow its profit in 2004 as the company reaps the benefits of new business and an improving economy. Lear, in a presentation with analysts in conjunction with the North American International Auto Show, said it expects to earn $5.85 to $6.25 per share this year, in line with the analyst consensus estimate of $6.11. The forecast also beats the 2003 earnings-per-share consensus estimate of $5.51.