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.
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