Visteon Shares Drop as Auto Supplier Warns of Lower Results
Shares of Visteon Corp., the nation’s second-largest auto supplier, dropped sharply Friday following a warning from the company that second-half results would be significantly below previous forecasts. Dearborn, Mich.-based Visteon said Thursday evening that lower vehicle production at Ford Motor Co., its biggest customer, and other factors such as higher steel and fuel costs had prompted it to withdraw a prior forecast for full-year earnings of $75 million to $110 million, or 60 cents to 90 cents a share. The company offered no further guidance.
ASA Forms New Government Affairs Committee
The Automotive Service Association (ASA) has created a new Government Affairs Committee (GAC), to serve in an advisory capacity to the ASA board as they develop legislative policy guidelines. Members of the committee were appointed from both the mechanical and collision divisions of ASA.
Executive Interview with Kathleen Schmatz, President and CEO of AAIA
Our latest edition of “Executive Interview” features Kathleen Schmatz, President and CEO of the Automotive Aftermarket Industry Association (AAIA). Schmatz became president and CEO of AAIA on Jan. 1, 2004. She had served as executive vice president of the association since January 2002. In addition to filling us in on her first few months at her new post, Schmatz shared with aftermarketNews.com updates on AAIA’s merger with AWDA, Right to Repair legislation and the Be Car Care Award Campaign.