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Visteon remains cautious about second half

Visteon Corp., which, on 21 May raised its earnings guidance for the second quarter, remains cautious in its outlook for the second half of 2002, the company and analysts said. The company raised its …

Visteon Corp., which, on 21 May raised its earnings guidance for the second quarter, remains cautious in its outlook for the second half of 2002, the company and analysts said. The company raised its guidance for the full year by less than it did for the quarter, and provided a wide-ranging estimate of operating income between US$ 25 million and US$ 75 million for 2002. At the Goldman Sachs Cyclicals Conference in Key Largo, Florida, US, where the revised guidance was announced, chief financial officer Dan Coulson acknowledged the company is being “very cautious” about the second half of the year, which can be a difficult time for the Dearborn, Michigan, auto parts maker. The conference was also Webcast. Company spokesman Greg Gardner added in an interview with Dow Jones Newswires that questions remain about how strong auto production and sales will be later this year, and some unresolved pricing issues are being carried over into the second half as well, adding to the uncertainty. The company announced that it now expects second-quarter income excluding special charges of between US$ 60 million and US$ 70 million on revenue of US$ 4.9 billion to US$ 5 billion. In the second quarter of 2001, Visteon earned US$ 60 million on revenue of US$ 4.9 billion. In April, Visteon forecast earnings of US$ 20 million to US$ 40 million in the second quarter and said it expected to break even or earn up to US$ 50 million for 2002. The company expects full-year revenue of US$ 17.9 billion to US$ 18.1 billion, up slightly from US$ 17.8 million last year.

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