Visteon Loses $140M On Restructuring Expenses

VAN BUREN TOWNSHIP, Mich. (AP) -- Auto parts supplier Visteon Corp. reported a third-quarter net loss of $140 million on Tuesday as it wrapped up its last quarter under bankruptcy protection.

The loss worked out to $1.08 per share for the quarter that ended Sept. 30. During the same period last year it lost $38 million, or 29 cents per share.

Revenue fell slightly to $1.73 billion from $1.74 billion a year earlier.

The loss was driven by $115 million in expenses for retirement obligations, and $54 million in reorganization items.

Visteon was Ford Motor Co.'s parts unit before being spun off in 2000.

Visteon had $1.1 billion in cash, some of it restricted, at the end of the quarter. It spent some money on its exit from bankruptcy, leaving it with cash of $956 million and debt of $618 million on Oct. 1. It cut $2.1 billion in debt during its reorganization, which began in May 2009.

Visteon said about 30 percent of its product sales for the quarter went to Hyundai-Kia, and 25 percent were for Ford. About 42 percent of its product sales came from Asia, 34 percent from Europe, 17 percent from North America and 7 percent from South America.
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