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Web Address of Visteon: Related Topics: Supplier Groups
© 1998 - 2004
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Companies : Visteon Corporation
2003 Highlights
Fourth Quarter 2003 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% 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." Full Year 2003 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% of total sales. For full year 2002, Visteon recorded a net loss of $352 million or $2.75 per share. Included in these results were special charges of $142 million and $265 million for the non-cash write-off for the value of goodwill associated with adoption of Statement of Financial Accounting Standards No. 142. Cash and Debt-to-Capital Visteon ended the year with $956 million in cash and marketable securities, up slightly from September 30, 2003. Year-end debt outstanding was $1.8 billion, and the company's debt-to-capital ratio was 49%. 2004 Outlook Revenue for full year 2004 is projected to be in the range of $18.6 to $18.8 billion, up substantially from 2003, reflecting primarily non-Ford revenue growth. Non-Ford revenue is expected to exceed $5 billion, and represent 28% of total revenue. For the full year 2004, Visteon expects net income of $0.50 to $1.00 per share. The company expects cash from operations to exceed its capital expenditures for full year 2004. Year-over-year improvement in earnings is expected to result from: savings related to the European Plan for Growth, exit of seating, and other actions; decreased OPEB expenses; lower SG&A expenses; material cost savings and manufacturing efficiencies; offset partially by price reductions and unfavorable economics. The company also expects significantly lower restructuring charges in 2004 than the amounts recorded for special items and restructuring in 2003. For the first quarter 2004, Visteon expects net income in the range of $0.05 to $0.15 per share. Revenue is expected to be in the range of $4.8 to $4.9 billion for the quarter. The company expects capital expenditures to exceed cash from operations during the first quarter 2004.
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