Visteon Provides Financial Outlook

The Dearborn, Mich.-based Visteon Corp. provided its full financial outlook for the year 2004 to investors today. The company expects GAAP net income in the range of $65 to $130 million or 5 cents to $1 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 to $9.95 per share, including significant special charges.

"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."

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 percent of total revenue.