Visteon Releases Fourth-Quarter and Full-Year 2003 Results

The Dearborn, Mich.-based Visteon Corp. has announced fourth-quarter and full year results for 2003. For the fourth-quarter 2003, Visteon reported a net loss of $863 million. These results include special charges of $756 million. In the fourth quarter of 2002, Visteon reported a net loss of $34 million, including special charges of $51 million.

The fourth-quarter 2003 results include $260 million of fixed asset write-downs, a charge of $468 million to increase deferred tax asset valuation allowances, and restructuring charges of $28 million. In aggregate, after tax, these items total $756 million or $6.02 per share.

Revenue for fourth quarter 2003 was $4.5 billion, down $84 million from fourth quarter of 2002. Non-Ford revenue totaled $1.2 billion for the quarter, up $186 million from the fourth quarter of 2002 and represented 26 percent of total sales.

"We've completed many significant actions during the course of 2003 to improve our performance in 2004 and beyond," said Peter J. Pestillo, Visteon's chairman and chief executive officer. "Our agreements with Ford and the UAW, the exit of seating and other restructuring activities, combined with new business revenue, enable us to substantially improve our results going forward."

For the full-year 2003, Visteon recorded a net loss of $1.2 billion or $9.65 per share. These results include the fixed asset write-downs and increase in the deferred tax asset valuation allowance recorded in the fourth quarter and restructuring and other special items of $219 million. In aggregate, after tax, these items total $947 million or $7.53 per share.

Total revenue for full year 2003 was $17.7 billion, down $735 million from full-year 2002. Non-Ford revenue totaled $4.2 billion for the year, up $569 million from the full-year 2002, and represented 24 percent of total sales.
For full year 2002, Visteon recorded a net loss of $352 million or $2.75 per share.