This Week:
© 1998
- 2000 Copyright &
Disclaimer
Automotive Intelligence,
www.autointell.com
All Rights Reserved .
For questions please contact
editor@autointell.com
News of February 1, 2000
.
Visteon Automotive Systems Increases Earnings 5 Percent to $735 Million in 1999
DEARBORN, Mich. - Visteon Automotive Systems earned $735 million in 1999, up 5 percent from 1998, reflecting its third consecutive year of growth. Full year revenue in 1999 was $19.4 billion, up 9 percent compared with 1998; after-tax return on sales was 3.9 percent, equal to year ago levels.
Fourth quarter earnings in 1999 were $95 million, down 26 percent from year ago fourth quarter earnings of $129 million. The decline reflected the impact of negotiated price reductions, the labor agreement in North America and currency-related costs, offset partially by cost efficiencies and improved volume.
- Achieving year-over-year earnings growth.
- Winning $2 billion of new, forward year business contracts – 38 percent from customers other than Ford and 39 percent outside of North America.
- Acquiring Plastic Omnium's interior business and Naldec, and gaining majority interest in Duck Yang to grow Visteon's interior capabilities outside North America.
- Launching key consumer-driven products such as NavMate(R), CDX6, an in-dash six disc CD player, and Rear Seat Entertainment.
- Introducing innovations such as Visteon's in-car computing platform (ICES), Driver Vision at Night, Reconfigurable Projected Image Display (RPID), Adaptive Restraint System and MP3-based Flexible Audio.
- Establishing partnerships with Bang & Olufsen, 3Com, and Sumitomo for the development of future products and systems.
- Launching new aftermarket initiatives under the ClimatePro(TM) and RoadFX(TM) brand names resulting in an exclusive contract with Midas, Inc. for the supply of air conditioning and heating products.
.
Consolidated Statement of Income
Fourth Quarter |
Full Year |
|||
| 1999 | 1998 | 1999 | 1998 | |
| (Mils.) | (Mils.) | (Mils.) | (Mils.) | |
| Revenue | $ 4,931 | $ 4,562 | $ 19,366 | $ 17,762 |
| Cost and expenses | ||||
| Cost of goods sold | $ 4,691 | $ 4,199 | $ 17,503 | $ 15,969 |
| Selling, administrative, and other expenses | 90 | 152 | 674 | 659 |
| Total costs and expenses | $ 4,781 | $ 4,351 | $ 18,177 | $ 16,628 |
| Operating income | $ 150 | $ 211 | $ 1,189 | $ 1,134 |
| Interest | ||||
| Interest income | $ 29 | $ 11 | $ 79 | $ 38 |
| Interest expense | 44 | 21 | 143 | 82 |
| Net interest expense | $ (15) | $ (10) | $ (64) | $ (44) |
| Equity in net income of affiliated companies | 15 | 5 | 47 | 26 |
| Income before taxes | $ 150 | $ 206 | $ 1,172 | $ 1,116 |
| Provision for income taxes | 50 | 80 | 422 | 416 |
| Income before minority interests | $ 100 | $ 126 | $ 750 | $ 700 |
| Minority interests in net income of subsidiaries | 5 | (3) | 15 | (3) |
| Net income | $ 95 | $ 129 | $ 735 | $ 703 |
[Homepage]
[ News] [ Companies] [ Management] [ Publications] [ Events] [ Careers]
[Services] [Discussion] [ Guestbook] [ Search]