- Fourth quarter 2008 product sales estimated at $1.55 billion
- 2008 year-end cash balances of $1.18 billion
- Three-year improvement plan completed
- Cost-reduction actions continue
VAN BUREN TOWNSHIP, Mich., Jan. 13, 2009 /PRNewswire-FirstCall/ -- Visteon
Corporation (NYSE: VC), one of the world's leading suppliers of automotive
components and integrated systems, is providing preliminary estimates of
certain financial information for the fourth quarter and full year 2008, along
with an update on restructuring and other business actions. Visteon expects to
release its final fourth-quarter and full-year 2008 financial results on Feb.
25, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
Product sales for fourth quarter 2008 are estimated to be $1.55 billion,
while full year 2008 sales are estimated at $9.1 billion. Approximately 22
percent of total fourth quarter product sales were in North America, with 37
percent in Europe and 35 percent in Asia-Pacific. The reduction in fourth
quarter sales compared with a year ago is largely attributable to
significantly lower vehicle production by Visteon's global customers.
Visteon continues to win new business with a broad spectrum of customers
across all regions, a reflection of the company's significant global footprint
and breadth of innovative products. New business wins in 2008 were about $650
million. Many of the innovations in Visteon's climate, interiors, electronics
and lighting products are featured on vehicles prominently displayed at the
2009 North American International Auto Show in Detroit. This includes
significant products for both the NAIAS 2009 Car of the Year - Hyundai Genesis
- and the 2009 Truck of the Year - Ford F-150.
Visteon's year-end 2008 cash balances were $1.18 billion, which include
$75 million drawn under the company's principal U.S. credit line.
