Visteon Reports Improved Second Quarter Earnings - aftermarketNews

Visteon Reports Improved Second Quarter Earnings

Visteon Corp. reported second quarter 2004 net income of $31 million, or 24 cents per share. These results are an improvement of $198 million, or $1.57 per share, compared to a net loss of $167 million, or $1.33 per share, in the second quarter 2003. Second quarter results include after-tax special charges of $3 million in 2004 and $170 million in 2003.

DEARBORN, MI — Visteon Corp. reported second quarter 2004 net income of $31 million, or 24 cents per share. These results are an improvement of $198 million, or $1.57 per share, compared to a net loss of $167 million, or $1.33 per share, in the second quarter 2003. Second quarter results include after-tax special charges of $3 million in 2004 and $170 million in 2003.

Visteon reported income before income taxes of $55 million for the second quarter 2004. Included in these results were pre-tax special charges of $5 million and $11 million pre-tax expense related to debt extinguishment. In the second quarter of 2003, Visteon reported a loss before income taxes of $256 million including $266 million of pre-tax special charges.

Revenue for the second quarter 2004 was $4.9 billion, up $257 million from second quarter 2003. The increase, compared to a year ago, reflects primarily growth in non-Ford revenue and favorable currency translation, partially offset by lower Ford North American production volumes, the exit of Visteon’s seating operations and price reductions to customers. Non-Ford revenue totaled $1.4 billion for the quarter, up 35 percent or $358 million compared to the second quarter 2003. Non-Ford revenue in the second quarter represents 28 percent of total sales, a six percentage point improvement from a year ago.

Visteon’s net income improved compared to a year ago reflecting the impact of lower special charges, increased new business, improved operating and material efficiencies, and decreased post-retirement health and life insurance expenses, offset by customer price reductions and lower North American Ford production volumes. Net income was also impacted by debt extinguishment costs of $7 million after tax related to a portion of Visteon’s public debt securities.

For more information about Visteon, go to: www.visteon.com.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Nikola Corporation Names New CFO

Thomas Okray joins the company’s executive team as chief financial officer.

Nikola Corporation Names New CFO

 Nikola Corporation, global provider of zero-emissions transportation and energy supply and infrastructure solutions via the HYLA brand, announced the appointment of Thomas "Tom" B. Okray to the company's executive team as Chief Financial Officer (CFO).

This marks Okray's fourth tenure as CFO of a public company, according to Nikola. Previously, Okray served as executive vice president and CFO at Eaton Corporation, senior vice president and CFO at Grainger, and EVP and CFO at Advance Auto Parts. 

MEMA Celebrates 120th Anniversary

MEMA said the milestone “underscores the association’s enduring legacy and its pivotal role in advancing the future of mobility and the interests of vehicle suppliers.”

The Future of MEMA with Bill Long

MEMA looks to the future as it celebrates 120 years making a big impact.

AMN Drivetime Bill Long
BEV Brake Service Tips

Andrew Markel shares his latest service tips in the all new BendPak EV Garage video series.

Veoneer’s Restraint Control Systems Business Acquired

American Industrial Partners Capital Fund VII completed the acquisition of Veoneer’s Restraint Control Systems business from SSW Partners LP.

Veoneer's Restraint Control Systems Business Acquired

Other Posts

AMSOIL Introduces New OE 0W-40 100% Synthetic Motor Oil

The new OE 0W-40 is primarily for newer RAM HD trucks equipped with the 6.4-liter Hemi engine.

AMSOIL 0W40 synthetic motor oil
Schrader Launches 6 OE Replacement TPMS Sensors

Application coverage for the new release includes Toyota, Lexus, Hyundai, Kia, Mazda, Chrysler, Dodge, Land Rover, Lotus, Ford and Lincoln.

Schrader Launches 6 New OE Replacement TPMS Sensors
BorgWarner Appoints Chief Accounting Officer

Amy Kulikowski fills the position, effective March 1.

BorgWarner Appoints Chief Accounting Officer
Registration for ACC Annual Meeting Open

Early bird registration is open for the Automotive Communications Council’s 2024 meeting from May 21-23 in Cleveland, Ohio.

Automotive-Communications-Council-2024-Meeting