Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC),
the world's second largest automotive supplier, announced today that
it earned $162 million during the second quarter of 2000, compared
with record second quarter earnings of $280 million a year ago. The
reduction in earnings was accounted for by a one-time price
realignment of 5 percent that resulted from a joint Ford-Visteon
competitive pricing study.
Adjusting 1999 for the effects of the price realignment and other
independence-related costs, Second Quarter 2000 earnings would have
been down $8 million versus 1999 on a pro forma basis. This year's
results included a one-time charge of $8 million connected with
employee separation programs.
Second quarter revenue was $5.3 billion in 2000, up 5 percent
compared with 1999, and the after-tax return on sales was 3.2
Combined with strong First Quarter 2000 results, net income for
the first half 2000 totaled $309 million. Revenue for the first six
months was $10.5 billion and after-tax return on sales was 3.0
"We are encouraged by these results -- our second quarter builds
on a strong first quarter adding up to more than $500 million in
profit before taxes," said Visteon Corporation Chairman, CEO and
President Peter J. Pestillo. "Our operating improvements in the
second quarter show that we are positioned well to meet our
objectives for the year and deliver good shareholder value."
In addition to Visteon's independence, there have been several
highlights during the second quarter 2000:
* Visteon signed a letter of intent with Pilkington plc, one of
the world's leading glass manufacturers to form a new glass company.
Pilkington will assume management responsibility and provide
technology leadership for the new company. Visteon is working with
Pilkington to finalize the transaction, with completion targeted by
the end of the year.
* Visteon continues to deliver on its commitment to secure new
business in 2000. Through the first half of 2000, Visteon has booked
$1.6 billion in new business. More than 33 percent of the new
business contracts won in the first half of 2000 were with non-Ford
customers and 28 percent were with customers outside of North
America. Of that new business, more than $500 million is in
multimedia and telematics, an area that offers Visteon significant
opportunities for future growth.
* Visteon has formed an affiliation with Samsung Electronics,
Co., Ltd., to develop fully integrated high-quality telematics
products. The association between the two companies will allow
Visteon to incorporate Samsung's CDMA Voice and Data Module into a
variety of Visteon telematics products for the 2002 automotive model
year and beyond.
* Visteon has joined forces with Sirius Satellite Radio to
develop innovative products that would combine Visteon's multimedia
expertise with Sirius' 100-channel audio entertainment service.
* Visteon will work with PSA Peugeot-Citroen to develop a next
generation climate control system. The two-year program will enable
the two companies to develop a system aimed at improving passenger
comfort and optimizing in-vehicle global thermal systems management.
* Visteon has announced a $62 million investment in its Alba
Plant in Hungary to provide state-of-the-art technology for the
production of compressors, which will be supplied to the
corporation's growing European customer base.
* Visteon was recognized recently by industry leaders for its
excellence in design and technology at the Fifth Annual Design and
Technology awards, sponsored by Auto Interiors magazine. In all,
Visteon received five awards for such technologies as ICES,
Superintegration(TM), RPID(TM), Visteon Voice Technology(TM), and
Visteon Laminate Insert Molding (VLIM(TM)).
Visteon Corporation is a leading full-service supplier that
delivers consumer-driven technology solutions to automotive
manufacturers worldwide and through multiple channels within the
global automotive aftermarket. Visteon has a global delivery system
of more than 130 technical, manufacturing, sales, and service
facilities located in 23 countries. It has 81,000 employees working
in three business segments: Dynamics and Energy Conversion; Comfort,
Communication and Safety; and Glass.
Visteon news releases, photographs and product specification
details are available at www.visteon.com
ots Original Text Service: Visteon Corporation
Media Inquiries: Liane Smyth, 313-323-9628, email@example.com
Analyst Inquiries: Kent Niederhofer, 313-390-1467,
, both of Visteon Corporation
Web site: http://www.visteon.com
Original-Content von: Visteon Corporation, übermittelt durch news aktuell