Visteon has reported net income of $3m for the first quarter of 2006, up from a net loss of $163m in the first quarter of 2005.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The supplier’s operating performance was also an improvement on the fourth quarter of 2005 when Visteon reported a net income of $1.338bn for the fourth quarter, thanks to a $1.8bn one-off gain from the sale of 23 North American facilities on 1 October 2005 to Ford.
Visteon chairman and CEO Michael Johnson said in a statement that the improvement is a sign of progress towards implementing Visteon’s three year plan but he added: “We know there is still much work to be done. We have clear plans in place to achieve our objectives, and we are looking for every opportunity to accelerate our three-year plan.”
For the first quarter 2006, product sales were $2.8bn and services sales totaled $145m. Sales for the same period a year ago totaled $5.0bn, reflecting the significant contraction in size of the company thanks to the Ford transaction.
Visteon said it is raising its estimate for 2006 full-year for EBIT-R to a range of $120m to $150m.
