Visteon Provides Financial Outlook
09 January 2004 - 1:26AM
PR Newswire (US)
Visteon Provides Financial Outlook DEARBORN, Mich., Jan. 8
/PRNewswire-FirstCall/ -- Visteon Corporation will provide its
financial outlook for full year 2004 and fourth quarter and full
year 2003 during a presentation to financial analysts and investors
today. The company expects GAAP net income in the range of $65 to
$130 million or $0.50 to $1.00 per share for the full year 2004.
For the full year 2003, the company anticipates a GAAP net loss in
the range of $1.13 to $1.25 billion or $9.00 to $9.95 per share,
including significant special charges. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) "We
expect 2004 will be a defining year for Visteon. Our expected
improvement in financial performance reflects new incremental
business coming on stream in 2004, benefits of the recently
announced commercial agreements with Ford, the non-recurrence of
special charges, and our ability to work with our union partners
around the world to strengthen our results," said Peter J.
Pestillo, Visteon's chairman and chief executive officer. "We will
also benefit from the investments we have made in restructuring
actions over the past several years, continued cost control and
improved operational performance." 2004 Outlook Revenue for 2004 is
projected to be about $18.6 billion, up $1 billion from 2003,
reflecting Non-Ford revenue growth. Non-Ford revenue is expected to
reach approximately $5.1 billion, and represent 27% of total
revenue. Year-over-year improvement in earnings is expected to
result from: savings related to the European Plan for Growth, exit
of seating, and other actions; decreased OPEB expenses; lower
SG&A expenses; material cost savings and manufacturing
efficiencies; offset partially by price reductions and unfavorable
economics. Additionally, the company expects minor restructuring
charges in 2004, significantly lower than the restructuring charges
and other special charges recorded in 2003. Fourth Quarter and Full
Year 2003 For the fourth quarter 2003, Visteon expects to record a
GAAP net loss in the range of $780 to $900 million or $6.20 to
$7.15 per share, on revenue of $4.4 billion. Included in these
results are a number of special items, including $250 to $290
million of fixed asset write-downs, an increase of $425 to $475
million in a deferred tax asset valuation allowance, and
restructuring charges of approximately $25 to $35 million. In
aggregate, after tax, these special items total $700 to $800
million or $5.55 to $6.35 per share. For the full year 2003,
Visteon expects to record a GAAP net loss in the range of $1.13 to
$1.25 billion or $9.00 to $9.95 per share, on estimated revenue of
$17.6 billion. Included in these results are the previously
mentioned fixed asset write-downs and increase in the deferred tax
asset valuation allowance, restructuring and other special items of
approximately $215 to $225 million. In aggregate these special
items total $890 to $990 million or $7.10 to $7.90 per share. The
full year results also include the 2003 UAW ratification bonus of
$41 million after tax. Visteon expects to release fourth quarter
and full year actual results on Friday, January 23, 2004. Visteon's
presentation at the conference will be web cast live beginning at
approximately 1:15 p.m. ET. The web cast and presentation material
will be accessible through Visteon's web site at
http://www.visteon.com/presentations . A replay will be available
for one week following the event. 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 approximately 75,000 employees and a global delivery system of
more than 180 technical, manufacturing, sales and service
facilities located in 25 countries. This press release contains
forward-looking statements made pursuant to the Private Securities
Litigation Reform Act of 1995. Words such as "anticipate,"
"estimate," "expect," and "projects" signify forward-looking
statements. Forward-looking statements are not guarantees of future
results and conditions but rather are subject to various risks and
uncertainties. Some of these risks and uncertainties are identified
in our periodic filings with the Securities and Exchange
Commission. Should any risks or uncertainties develop into actual
events, these developments could have material adverse effects on
Visteon's business, financial condition, and results of operations.
We assume no obligation to update these forward- looking
statements. http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
DATASOURCE: Visteon Corporation CONTACT: Media Inquiries: Kimberly
A. Welch, +1-313-755-3537, , Jim Fisher, +1-313-755-0635, , or
Investor Inquiries: Derek Fiebig, +1-313-755-3699, , all of Visteon
Corporation Web site: http://www.visteon.com/
http://www.visteon.com/presentations
Copyright
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jul 2023 to Jul 2024