Visteon, which is reorganising under Chapter 11, reported a profit of USD128m in 2009, marking the company’s first full-year profit since it was spun off of Ford in 2000.

Visteon is the latest in a line of North American Tier I suppliers to post improved results following extensive restructuring and some recovery to volumes after the initial plunge that followed the financial crisis of late 2008.

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“Our restructuring, ongoing cost-reduction initiatives and ability to keep overhead costs aligned with reduced sales helped drive significant year-over-year improvements in cash flow and earnings, despite significantly lower vehicle production volumes and challenging industry conditions,” said Visteon Chairman and CEO Donald J. Stebbins.

For the fourth quarter of 2009, Visteon reported net income of USD276 million, or USD2.12 per share, on sales of USD2.03 billion. For the fourth quarter of 2008, Visteon reported a net loss of USD346 million, or USD2.67 per share, on sales of USD1.65 billion. Adjusted EBITDA, as defined below, for the fourth quarter of 2009 was USD230 million, compared with negative USD1 million in the fourth quarter of 2008.

For the full year 2009, Visteon reported net income of USD128 million (98 cents per share) on sales of USD6.68 billion, compared with a net loss of USD681 million, or USD5.26 per share, on sales of USD9.54 billion for the full year 2008. Adjusted EBITDA for the full year 2009 was USD454 million, compared with USD358 million in 2008.

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Visteon managed to raise its margins in 2009 as it cut costs, including ending its company-paid health care and life insurance benefits.

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Stebbins highlighted the role of cost-cutting actions. “Through many aggressive and very difficult actions, Visteon’s overhead cost structure was essentially flat as a percentage of sales in 2009, despite a nearly 30 percent decline in product sales,” Stebbins said. “We are focused on providing a competitive cost structure for our customers and will continue to aggressively look for opportunities in this area.”