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Visteon first-quarter net falls 79%

US glass and auto-parts maker Visteon Corp. said first-quarter net income fell 79% primarily due to declining production at former parent and largest customer Ford Motor Co., but results beat analysts…

US glass and auto-parts maker Visteon Corp. said first-quarter net income fell 79% primarily due to declining production at former parent and largest customer Ford Motor Co., but results beat analysts“ lowered expectations. Visteon reported net income of US$ 31 million, or 24 cents per diluted share, down from US$ 47 million, or $1.13 a share, a year ago. Revenue fell 9.6% to US$ 4.7 billion from US$ 5.2 billion. Analysts had expected 17 cents a share, according to Thomson Financial/First Call. Visteon Chief Financial Officer Dan Coulson said he expects second-quarter earnings of US$ 60 million to US$ 80 million and revenue of US$ 4.9 billion to US$ 5.1 billion. Visteon expects to complete a US$ 135 million restructuring charge, which the company announced this month. Visteon ended the first quarter with US$ 1.1 billion in cash and marketable securities, maintaining the company“s strong financial position. “We are starting the year with a strong balance sheet and a substantial increase in non-Ford wins, which shows a growing level of confidence in Visteon by an increasing number of OEMs,” said Visteon Chairman and Chief Executive Officer Peter J. Pestillo. “This additional new business with non-Ford customers is important to the future of Visteon because it helps us diversify our business portfolio.” The company recently announced a new customer-facing structure, which included the elimination of 1,800 jobs worldwide.

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