reported third-quarter earnings that met analysts' expectations, but fell sharply from a year ago, because of setbacks from
production cutbacks and the weak euro.
The Dearborn, Mich., auto parts supplier earned $48 million, or 37 cents a share, in line with the 12-analyst estimate on
First Call/Thomson Financial
. The earnings report represents Visteon's first full quarterly results announcement since becoming an independent, publicly traded company in June. The company earned $155 million, or $1.19 a share, in the year-ago period.
Adjusting 1999 for the effects of a one-time price realignment of 5% that resulted from Visteon's separation from Ford and related costs, earnings in the latest third quarter would have been up $2 million from a year ago.
Revenue fell 4.3% to $4.4 billion from $4.6 billion a year earlier, as sales were hurt by Ford's cutbacks during the
tire recall and weakness in the euro. Visteon, which was formerly part of Ford, said it received 83% of its revenue from the auto maker in the third quarter.