became the latest big auto parts supplier to slash second-half guidance as a result of production cutbacks by Detroit's Big Three.
Van Buren Township, Mich.-based Visteon said Tuesday it will miss previous guidance as second-half sales fall 10% from first-half levels.
On Aug. 1, Visteon reiterated its 2006 sales goal of $11 billion.
Visteon said CEO Michael F. Johnston and operating chief Donald J. Stebbins will tell investors at a JP Morgan conference in Paris that reductions to second-half customer production levels, changing vehicle mix, and other cost factors will challenge the company's financial results for the remainder of 2006.
Visteon will discuss actions to respond to lower customer volumes, its three-year improvement plan and an update to its outlook for 2006 when it releases third-quarter financial results in late October.
cut their financial guidance last week as a result of production cutbacks and layoffs in Detroit.