Auto parts supplier
reported a first-quarter loss after factoring in accounting changes and restructuring charges, but the company's earnings before the items came in slightly ahead of the consensus expectation.
Visteon earned $1 million, or 1 cent a share, before the special items in the latest quarter. Analysts expected the company to break even. After including all costs, Visteon lost $338 million, or $2.63 a share, compared with a profit of $31 million, or 24 cents a share, in the same quarter a year ago.
"Our results reflect an intense concentration on getting costs down in the face of lower volumes and a highly competitive market," Peter J. Pestillo, Visteon's chairman and chief executive, said in a press release. "We expect continuous progress on new business wins, restructuring, spending and supply-chain management throughout the year."
First-quarter sales fell to $4.5 billion from $4.7 billion in the same period a year ago. Sales to customers other than
increased during the latest quarter by 2% to $823 million, representing 18% of total sales. Ford, Visteon's former parent company, is by far its largest customer.
Visteon expects second-quarter earnings, excluding items, of $20 million to $40 million on sales of $4.7 billion to $4.8 billion. For the full year, the company projected sales of $17.5 billion to $17.8 billion. Earnings for 2002 could range from the break-even mark to as much as $50 million.
Analysts are looking for sales of $4.85 billion in the second quarter and $17.49 billion for the year.
Shares of Visteon were recently gaining 55 cents, or 3.6%, to $15.99 on the
New York Stock Exchange.