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Visteon Reports $67 Million 2Q Loss

Production cuts by North American automakers and a multiyear restructuring plan brought down the auto supplier's earnings.

DETROIT (AP) - Visteon Corp. on Wednesday reported a net loss of $67 million in the second quarter as it continued a multiyear restructuring plan and grappled with production cuts by North American automakers, including its largest customer, Ford.
 
The loss compared with net income of $50 million in the same quarter last year.
 
The Van Buren Township-based auto parts maker lost 52 cents per share for the April-June quarter, compared with a gain of 39 cents per share in the same period a year ago.
 
Ten analysts polled by Thomson Financial expected a loss of 51 cents per share.
 
This year's results included $13 million of non-cash asset impairments as the former Ford Motor Co. parts operation reached the midpoint of its three-year restructuring plan.
 
Visteon said last year's results included $22 million of non-cash asset impairments and a gain of $8 million associated with acquiring a lighting facility in Mexico. It also reported a $49 million benefit in last year's second quarter as Ford paid retirement benefits for salaried employees at two former Visteon plants transferred to the Dearborn automaker.
 
Its revenue was $2.97 billion, up from $2.96 billion a year earlier.
 
Visteon has facilities in 26 countries and employs about 45,000 people worldwide.
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