Visteon Corp. lost $US1.36 billion in the third quarter, primarily from a one-time charge for deferred tax assets, and warned of challenging conditions ahead, the Associated Press (AP) reported.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more


The loss amounted to $10.86 a share, and compared with a net loss of $168 million, or $1.34 a share, in the year-ago quarter.


Visteon reportedly said it incurred charges of $1.2 billion in the July-September period, including $872 million as it increased valuation allowances against its deferred tax assets.


AP noted that the former Ford division said last month it would take a non-cash charge of $825 million to $900 million in the third quarter to write down deferred tax assets, which it attributed to Ford’s decision to cut planned vehicle production in the fourth quarter. Ford is Visteon’s largest customer.


Excluding special charges but including some restructuring costs, Visteon said it lost $152 million, or $1.21 a share, in the most recent quarter, AP added, noting that the consensus estimate of Wall Street analysts compiled by Thomson First Call was for a loss of 90 cents a share.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to the Associated Press, sales in the quarter were $4.15 billion, up 7% from $3.88 billion a year ago. The company reportedly said non-Ford sales for the quarter amounted to 33% of total revenue, 7% greater than the year-ago period.


Sales to Ford amounted to $2.7 billion, a $101 million decrease from the third quarter of 2003 and the lowest total for any quarter in Visteon’s history, AP said.


President and CEO Mike Johnston reportedly said he expected revenue to increase in the fourth quarter, but “our current cost structure combined with escalating material surcharges will challenge our operating performance for the rest of the year.”