USA: Visteon expects net profit this year - report
Automotive parts supplier Visteon reportedly said on Thursday that it expects to report a net profit this year of $US65 million to $130 million, recovering from an expected loss last year when it took costly restructuring charges and asset write-downs.
According to a Reuters report, Visteon, a former unit of Ford, said it expects a profit of 50 cents to $1 a share this year, compared with a net loss last year in the range of $1.13 billion to $1.25 billion, or $9 to $9.95 a share, including significant charges.
Wall Street analysts had expected Visteon to report a loss of 7 cents a share this year, compared with a loss of $1.29 a share last year, excluding charges, according to Reuters Research, a unit of Reuters Plc.
The news agency report said Dearborn, Michigan-based Visteon said it expects revenues this year to total about $18.6 billion, up $1 billion from 2003, from more sales to carmakers other than Ford - Wall Street analysts had forecast revenues of $18.4 billion this year, according to Reuters Research.
The report added that the parts supplier said fourth-quarter losses are expected to total $780 million to $900 million, or $6.20 to $7.15 a share, from revenues of $4.4 billion. Wall Street analysts had expected Visteon to report, excluding the charges, a loss of 32 cents a share in the fourth quarter, according to Reuters Research.
According to Reuters, Visteon reportedly said charges will total $890 million to $990 million last year, including $700 million to $800 million in the fourth quarter.
Fourth-quarter revenues will total about $4.4 billion, Visteon reportedly said, in line with analysts' estimates from Reuters Research.