Visteon lowered their 2008 sales forecast by $100m to $10bn; last year’s sales were $10.7bn. Visteon haven’t had a quarterly profit in two years and haven’t posted an annual profit since Ford Motor Co. spun them off in 2000.
Visteon Corp. posted a net loss of US $42m for the second quarter of this year vs. a $67m loss a year earlier. The company say geographic diversification and other restructuring efforts helped offset higher materials costs and slowing North American auto production. Revenue fell 2% to $2.9bn as asset sales and plant closings reduced sales volume. The company has closed or sold 27 of 30 plants targeted by its three-year restructuring plan. Favourable exchange rates minimized the revenue decline; the company generate 76% of their sales outside North America.