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Visteon Corporation announces fourth quarter and fiscal year 2000 results
Dearborn, Michigan. (ots-PRNewswire) - Visteon Corporation (NYSE: VC) today announced that it earned $270 million, or $2.08 per share in 2000. This compares with earnings of $735 million in 1999. Full year revenue in 2000 was $19.5 billion, up 1 percent compared with 1999; after-tax return on sales was 1.5 percent.
The earnings decline compared with 1999 was more than accounted for by the effects of a one-time price realignment of 5 percent that resulted from Visteon's separation from Ford Motor Company, other independence-related costs, and a non-cash impairment charge related to Visteon's Glass business. Visteon's full year 2000 earnings, excluding the Glass impairment charge, were up $127 million from 1999 pro forma results, which are adjusted for the one-time price realignment and independence costs.
In fourth quarter 2000, Visteon incurred a loss of $87 million. This included the Glass impairment charge of $138 million, and a gain of about $20 million on the sale of Visteon's interest in Conix. In the fourth quarter of 1999, Visteon earned $95 million. Revenue for fourth quarter 2000 was $4.5 billion.
Despite deteriorating industry volume in the second half of 2000, Visteon ended the year in a strong financial position. Cash and marketable securities totalled almost $1.5 billion at year-end and the company met the operating milestones it established in January 2000 with respect to earnings, new business, cost reduction, operating cash flow, and quality.
"We've achieved all our milestones and ended the year with a very strong balance sheet," said Visteon Chairman and Chief Executive Officer Peter J. Pestillo. "We have instituted structure and cost initiatives that should significantly increase our ability to win new business and strengthen profitability going forward."
Milestones Visteon achieved in 2000 included:
Excluding the one-time Glass impairment charge, Visteon's 2000 earnings were $408 million, up 45 percent compared with 1999 pro forma levels. Visteon's milestone was to improve by 35 percent before any major unusual factors.
Visteon exceeded its milestone of securing $2.5 billion in new business in 2000. The company won a record $2.6 billion in annual new business from customers including Ford, General Motors, PSA, Hyundai, Volkswagen, DaimlerChrysler, Renault, Honda, and Fiat. Of that new business, 37 percent was non-Ford and 31 percent was outside of North America.
Visteon ended the year with total cost savings of $590 million in 2000, which exceeded the milestone by $140 million. This performance reflected a strong year-to-year improvement in the fourth quarter.
Operating Cash Flow
Visteon's operating cash flow adjusted for acquisitions, dividends, and independence actions totalled $225 million last year. This exceeded Visteon's milestone, which was to achieve a positive cash flow in 2000.
Quality Data through October 2000 indicates Visteon has improved year-to-date quality by 63 percent. Based on this, the company is confident it will exceed its milestone of 30 percent improvement when year-end data becomes available. To accelerate further progress, the company already has more than 100 employees working toward certification as Six-Sigma Black Belts to work on projects that will help increase customer satisfaction and reduce defects and costs.
New products included Visteon's in-car computing platform (ICES), Driver Vision at Night, Reconfigurable Projected Image Display (RPID), MACH(R) MP3 music system, the next generation NavMate(R) with enhancements in mobile route guidance technology, and the first factory-installed DVD Rear Seat Entertainment system, which will be featured on three new GM mid-sized SUVs. Visteon has more than two-dozen partnerships, teaming with some of the world's leading consumer and technology companies. Recently announced partnerships include Microsoft, Agere, Raytheon, and Kayaba.
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.
NOTE TO EDITORS: Visteon news releases, photographs and product specification details are available at www.visteon.com
Ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Contact: Media Inquiries: Liane Smyth, +1 313-755-2916, firstname.lastname@example.org , or Investor Inquiries: Kent Niederhofer, +1 313-755-3699, email@example.com , both of Visteon Corporation / Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO PRN Photo Desk, +1 888-776-6555 or +1 201-369-3467/
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell