Visteon swings to $29M 1Q loss on charges
VAN BUREN TOWNSHIP, Mich.—Visteon posted a $29 million first-quarter loss Wednesday, with the auto supplier paying out hefty restructuring charges at the same time that sales dipped.
The loss amounted to 56 cents per share, compared with a profit of $39 million, or 75 cents per share, in the same quarter last year.
Visteon logged $63 million in restructuring costs.
Sales fell 7.2 percent to $1.72 billion from $1.85 billion. Visteon, based in Van Buren Township, Mich., said the deconsolidation of a Korean joint venture lowered sales by $114 million. Sales were also reduced by unfavorable exchange rates and pricing, the company said.
Hyundai-Kia accounted for about 32 percent of its first-quarter product sales, according to Visteon Corp. , while Ford Motor Co. accounted for 26 percent.
The company said it now expects its full-year sales to total between $6.6 billion and $7 billion, down from its previously predicted range of $7.1 billion to $7.5 billion. Analysts polled by FactSet expect $7.33 billion.