US:Visteon posts loss, continues talks with Ford
Visteon posts loss, continues talks with Ford
CHICAGO -- Auto parts maker Visteon Corp. on Monday posted a quarterly net loss, pressured by automaker production cuts and a high cost structure, and said it remains in talks with Ford Motor Co. on a broad restructuring.
Visteon, which has struggled to stand on its own since its spinoff five years ago from Ford, said the quarterly results were preliminary because it found accounting errors related to its retiree health care and pension benefits and income taxes while closing the books on 2004.
It said it is reviewing prior reports to determine if further adjustments are necessary.
The fourth-quarter loss was $115 million, or 92 cents per share, compared with a restated loss of $829 million, or $6.60 a share, in the year-ago quarter when Visteon took $720 million in charges related to a restructuring of its ties with Ford.
The latest quarter included charges of $41 million, or 33 cents a share, mainly for a buyout program on salaried workers in the United States. Analysts, on average, expected a loss of 77 cents a share, according to Reuters Estimates.
Revenue rose 5 percent to $4.7 billion.
Visteon, based in Van Buren Township, Mich., said it will not release an outlook until it completes its talks with Ford.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....