Visteon, which emerged recently from bankruptcy, has posted a third quarter net loss of US$140m on product sales up $26m year on year to $1.7 bn.
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Post-retirement employee benefits and reorganisation expenses cost it $169m. in the quarter. Adjusted EBITDA was $149m, up 16%.
For the third quarter of 2009, the supplier booked reported a net loss of $38m on product sales of $1.68bn; the net loss included $23m in reorganisation expenses.
Hyundai-Kia accounted for approximately 30% of Q3 product sales with Ford generating 25%, Renault-Nissan 8% and PSA Peugeot-Citroen 6%. On a regional basis, Asia accounted for 42% of product sales – up from 36% a year earlier – with Europe representing 34%, North America 17% and South America 7%.
Donald Stebbins, chairman, chief executive officer and president, said: “As a result of our restructuring actions and continued focus on cost control, our adjusted EBITDA was up 16% on essentially flat sales.”
Gross margin for the third quarter was $40m compared with $120m a year earlier. On a year on year basis, unfavourable currency movements and the impact of plant closures and divestitures of about $37m were more than offset by increased production volumes and continued manufacturing and net cost efficiencies, the supplier said.
For the first nine months of 2010, total sales of $5.58bn were higher by $921m or 20% and Visteon reported a net loss of $108m compared with a net loss of $148m during the first nine months of 2009. Adjusted EBITDA was $476m or 8.8% of product sales compared with $224m (5%) in the first nine months of 2009.
