Visteon reports losses

US glass and auto parts producer Visteon, which was spun off from Ford last year, reported a larger than expected loss of US$ 95 million, or 74 cents a share, in the third quarter as it battled agains…

US glass and auto parts producer Visteon, which was spun off from Ford last year, reported a larger than expected loss of US$ 95 million, or 74 cents a share, in the third quarter as it battled against its customers erratic schedules and lower production. Excluding restructuring actions, the company lost US$ 74 million, or 57 cents a share. Wall Street analysts had been looking for a deficit of about 49 cents a share, according to First Call, the research group. Sales in the quarter were down by US$ 682 million from year-ago levels at US$ 3.7 billion – with almost all of the decline accounted for by lower revenues from Ford, which is Visteon“s biggest customer. Although most US automakers suffered production disruptions and logistics difficulties after 11 September, Ford made significant production adjustments. Visteon said that “the severity of the cuts and erratic build schedules led to major inefficiencies”, and meant that it had to run some plants at very low utilization rates.