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Visteon Corporation Earns $48 Million in Third Quarter - 37 Cents Per Share
Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC) today announced that it earned $48 million or $0.37 cents per share during the Third Quarter of 2000. This compares with record third quarter earnings of $155 million a year ago. This is Visteon's first full quarterly results announcement since becoming an independent, publicly traded company in June.
Adjusting 1999 for the effects of a one-time price realignment of 5 percent that resulted from Visteon's separation from Ford Motor Company, and other independence-related costs, third quarter 2000 earnings would have been up $2 million versus 1999 on a pro forma basis.
Third quarter revenue was $4.4 billion in 2000, down 4.3 percent compared with 1999, and the after-tax return on sales was 1.2 percent.
Visteon's net income for the first nine months of 2000 totaled $357 million. Revenue for the first three quarters was $14.9 billion and after-tax return on sales was 2.5 percent.
Visteon has secured $2.3 billion in annual, incremental new business through the first nine months of 2000. The new business comes from customers such as the VW Group, General Motors, DaimlerChrysler, PSA Peugeot Citroen, Renault, Nissan, Honda, Fiat, Kia and Ford.
"We had a solid third quarter as a newly independent company," said Visteon Executive Vice President and Chief Financial Officer Dan Coulson. "We have strong cash flow, good operating results and continued business growth despite the weakness of the Euro and production cutbacks from Ford Motor Company. We will continue to focus on these areas in order to deliver solid fourth quarter results and achieve all of our milestones."
Visteon also focused on several key initiatives in the third quarter including:
* Through the first nine months of 2000, Visteon continued to make progress toward its goal of achieving 20 percent of non-Ford business by 2002. Thirty-three percent of the new business contracts won in the first three quarters of 2000 were with non-Ford customers and one-quarter of those were with customers outside of North America.
* Visteon reduced costs by about $170 million dollars, which brings total cost savings to $320 million through the first nine months of the year. Visteon's milestone for cost reductions in 2000 is $450 million.
* Visteon has run more than $200 million in goods and services through on-line auctions and intends to increase that to $400 million for the full year. Visteon also has joined Covisint, the global online automotive purchasing exchange formed by Ford, General Motors, DaimlerChrysler, Nissan and Renault.
* During the third quarter, Visteon's operating cash flow before acquisitions and dividends was $471 million positive.
* Visteon appointed Mike Johnston as President and Chief Operating Officer. Johnston has extensive experience in the automotive supplier and aerospace industries.
* Visteon formed a new Telematics/Multimedia business system dedicated to developing and delivering mobile wireless information, entertainment, audio, safety, security and convenience products for the rapidly evolving worldwide market.
* Visteon sold $1.2 billion in global notes offered in five and 10-year maturities. The proceeds of the sale were used to repay outstanding debt incurred as the result of Visteon's recent separation from Ford Motor Company.
* Visteon formed a number of strategic partnerships and alliances including: a joint venture with The Budd Company to provide chassis systems to General Motors; an alliance with iBiquity Digital Corporation to develop radio broadcast technology; and a relationship with Raytheon Company to develop radar-based sensor technology for vehicle "cocoon" safety products.
* Products introduced include: a totally-integrated plastic fuel tank that will help manufacturers meet Zero Emission standards; Driver Vision at Night that uses near-infrared technology to enhance the driver's view of the road; and the MACH(R) multimedia brand of products to deliver the best in technology and innovation in multimedia systems.
* Later this month, the U.S. Environmental Protection Agency (EPA) will present Visteon its 2000 Climate Protection Award for Superintegration(TM). Superintegration(TM) is Visteon's systems approach that combines components into modules that result in improved packaging, reduced weight and lower cost.
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.
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties, some of which are and will be identified as "the Risk Factors" in Visteon's SEC filings. See "Risk Factors" section of Visteon's prospectus dated June 13, 2000 as filed with the SEC on June 14, 2000. Should any risks and uncertainties develop into actual events, these developments could have material adverse effects on Visteon's business, financial condition and results of operations.
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