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Visteon Corporation Reports First Quarter 2000 Earnings of $147 Million
Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation earned $147 million during the First Quarter of 2000. This compares with earnings of $205 million during the same period a year ago. The reduction in earnings was more than 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 this and other independence-related costs, earnings would have been up $63 million, or 75%, versus last year.
First quarter 2000 revenue was $5.2 billion, up 9 percent compared with 1999; after-tax return on sales was 2.9 percent.
The earnings announcement comes a few days after Ford Motor Company (NYSE: F) announced it would spin off Visteon to become an independent company. As the third largest automotive supplier in the world, Visteon's new legal entity will provide the corporation with more room to grow its non-Ford business and expand its presence in the Aftermarket arena. However, the corporation plans to continue fostering its long-standing relationship with Ford.
"This is truly an exciting time for Visteon and its employees," said Peter J. Pestillo, Chairman and CEO, Visteon. "Visteon's vision is to be the world's leading supplier of integrated automotive technology systems. We have the necessary systems integration expertise, the product quality, and global reach, and with our new level of independence, our customer focus will be stronger than ever."
In addition to Visteon's new independence, there have been several highlights for its first quarter 2000:
* Visteon has accelerated its efforts to win additional business -- through the first quarter of 2000, Visteon had won $918 million of annualized, incremental business versus $709 million for the same period last year. More than 35 percent of the new business contracts won in the first quarter of 2000 were with non-Ford customers and 37 percent were with customers outside of North America.
* Underscoring its commitment to being a leading automotive supplier of electronics and innovative technologies, Visteon recently announced a joint venture with Lernout & Hauspie (L&H) Speech Products NV of Belgium (NYSE: LHSP). The venture will allow Visteon to capitalize on its automotive voice technology leadership by combining its automotive expertise in voice- user interface, multimedia, and telematics, with L&H's expertise in desktop dictation, translation, natural language, and telephony voice applications.
* In January, at the Consumer Electronics Show, Visteon launched ICES (Information, Communication, Entertainment, Safety and Security System), its in-car computing platform. Through the use of simple voice commands, ICES provides drivers with access to the Internet, where they can check e-mail and obtain real-time information such as news, weather reports, and stock prices.
* The corporation opened two new Customer Service Centers in Ingolstadt, Germany, and Mlada Boleslav, Czech Republic. The new offices will provide even closer and speedier contact with Audi AG in Ingolstadt and Skoda.
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 core business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.
Consolidated Statement of Income
Sales $5,225 $4,772
Cost and expenses
Cost of sales $4,795 $4,341
and other expenses 177 133
Total costs and expenses $4,972 $4,474
Operating income $253 $298
Interest income $25 $22
Interest expense 48 23
Net interest expense $(23) $(1)
Equity in net income of
affiliated companies 7 16
Income before income taxes $237 $313
Provision for income taxes 86 112
Income before minority interests $151 $201
Minority interests in net income
(loss) of subsidiaries 4 (4)
Net income $147 $205
After-Tax Return on Sales 2.9% 4.2%
ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell