Visteon Corporation on Thursday announced a net loss of $US34 million for the fourth quarter or $0.27 per share. The results include special charges of $51 million after taxes, associated primarily with the voluntary salaried separation job cuts programme in the US and the previously announced European growth plan.
In the fourth quarter of 2001, Visteon incurred a loss of $14 million, or $0.11 per share, with no special charges recorded in the period.
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For the full year 2002, the company recorded a net loss of $352 million, or $2.75 per share, compared with a net loss of $118 million, or $0.91 per share, for the full year 2001. Results for full year 2002 include special charges of $142 million after taxes related to previously announced restructuring actions.
Results for the full year 2001 include special charges of $121 million after taxes or $0.93 per share.
“We had a solid year in 2002 as we continue to position ourselves for the future,” said Visteon chairman and chief executive officer Pete Pestillo. “Our restructuring actions, greater customer diversification, and a strong team effort led to improved operating results during the year. An intense focus on cash allowed us to improve our cash flow, reduce our debt levels, and expand our cash balances while funding our restructuring actions and our continued customer diversification. Additionally, through working with Ford and [staff] we have taken great strides in improving our long-term competitive position in Europe.”
Sales for the fourth quarter 2002 totalled $4.5 billion, up $50 million, or 1%, from the same period a year ago. Non-Ford sales were $984 million, up $162 million, or 20%, from fourth quarter 2001. Non-Ford sales represented 22% of total sales for the quarter, reflecting the company’s continued diversification of its sales base.
Sales for full year 2002 totalled $18.4 billion, up $552 million, or 3%, from the same period a year ago. Non-Ford sales were $3.6 billion for the full year 2002, up $429 million, or 13%, from 2001 levels.
