Visteon Corporation has reported a net loss of US$26m, 51 cents a share, on sales of $1.86bn. Fourth quarter 2010 saw net income of $1.13bn, on sales of $1.89bn, but included reorganisation gains of $1.06bn. Adjusted Q4 EBITDA was 12% up at $154m.
Full-year product sales were up 10% to $8.05bn, an increase of $724m and net income for the full year was $80m, or $1.54 per share and included $66m of non-cash impairment charges while net income of $1.03 billion in 2010 included $933m of net reorganization gains in connection with the company’s emergence from Chapter 11 on 1 October, 2010.
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Adjusted EBITDA rose $71m to a record $685m. Visteon booked over $1bn in new business during the year, a record as a percentage of full year revenue.
“For the third consecutive year, we improved our sales and adjusted EBITDA, and our customers recognized our competitive strengths by awarding Visteon a record level of new business,” said chairman, CEO and president Donald Stebbins.
Full year 2012 guidance, outlined in January was confirmed at product sales ranging from $7.1bn to $7.5bn and adjusted EBITDA of $650m to $690m.
Visteon said it had a backlog of about $1bn of new business for the period 2012 through 2014 with about 85% attributable to climate products. Customers in Asia account for about 48% while Europe represents 28%, North America 16% and South America 8%.
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By GlobalDataApproximately 31% and 27% of 2011 product sales were to Hyundai-Kia and Ford, respectively. Renault-Nissan and PSA Peugeot-Citroën collectively accounted for 14%. On a regional basis, Asia Pacific and Europe accounted for 42% and 36%while North America accounted for 16% and South America 6%.
