Visteon Corporation has posted a net loss of $US109m, or $0.84 per share, on sales of $2.55bn for the third quarter of 2007. This is an improvement of $68m over Q3 2006.
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“Our third quarter results show the fundamental improvement we have achieved across our business,” said chairman and chief executive officer Michael Johnston.
Visteon has completed 17 of the 30 previously identified restructuring activities under its three-year improvement plan and has announced three additional actions.
Sales from continuing operations for the third quarter 2006 were $2.58bn. Product sales to Ford declined 15%, or $163m, to $893m, primarily reflecting divestitures, sourcing actions and product mix. Product sales to other customers increased 9%, or $126m, to $1.52bn and represented 63% of total product sales.
For the first nine months of 2007, sales from continuing operations were $8.41bn. Product sales to Ford declined 14%, or $525m, to $3.15bn, reflecting lower North American production volumes, divestitures, sourcing actions and product mix. Sales to other customers increased 11%, or $494m, to $4.85bn and represented 61% of total product sales.
Visteon reported a net loss of $329m, or $2.54 per share, for the first nine months of 2007 compared with a net loss of $124m, or $0.97 per share, for the same period a year ago.
