Visteon Earns $155 Million in Third Quarter - Up 5 Percent

Dearborn, Mich. (ots-PRNewswire) - Visteon Automotive Systems' net income for the third quarter of 1999 was $155 million, up 5 percent from the $148 million earned in the same quarter last year. Third quarter 1999 revenue was $4.6 billion, up 12 percent from year ago levels, with after-tax return on sales for the quarter at 3.6 percent.

For the first nine months of 1999, net income was $640 million, up 11 percent from 1998. Revenue for the first nine months was $14.4 billion, up 9 percent. After-tax return on sales for the first nine months of 1999 was 4.5 percent, up from 4.3 percent.

During the first nine months of the year, Visteon made considerable progress toward its 1999 milestone of $2 billion in new business:

* Visteon won $1.7 billion worth of annualized new business contracts.

* 36 percent of the contracts were from customers other than Ford.

  • 37 percent of the contracts were won outside of North America.
  • Over 8 percent of the contracts were won in the aftermarket.

"Visteon's reputation as a world-class systems supplier is growing in every automotive market," said Craig H. Muhlhauser, president, Visteon Automotive Systems. "We are building an outstanding portfolio of innovative technologies and breakthrough systems solutions by listening to the needs of consumers.

In a recent survey, automotive executives named Visteon the world's leading systems integrator, best body exterior supplier and best supplier of transmission and drivetrain systems. Visteon's Superintegration(TM), an innovative technology destined to define the future of automotive design, and its Voice Technology are preeminent in the industry.

Visteon showcased a number of its consumer-driven technology systems -- including Superintegration(TM) and Voice Technology -- at last month's Frankfurt Motor Show. Other leading-edge products and partnerships highlighting Visteon's technology and consumer focus at the show were: Visteon's night visibility system; ICES, Visteon's Information, Communication, Entertainment, Safety and Security in-car computing platform; the NavMate(R) navigation system; the in-dash 6 CD radio; the European Rear Seat Entertainment System; and partnerships with Nintendo, 3Com and Bang & Olufsen.

"The growth and profitability of Visteon's business clearly demonstrates we are well on our way to meeting all of our strategic business objectives for the year with products our customers want," Muhlhauser concluded.

With a global delivery system of more than 125 technical, manufacturing, sales and service facilities located in 21 countries, Visteon Automotive Systems is leveraging the talents of its 77,000 employees to deliver innovative, consumer-driven technology systems solutions to its customers.

During third quarter 1999, Ford recognized a $125 million after-tax charge resulting from actuarial valuations of post-retirement health care and life insurance benefits for certain Visteon operations. Visteon retroactively reflected this adjustment in its historical financial statements.

ots Original Text Service: Visteon Automotive Systems
Internet: http://www.newsaktuell.de

Contact:
Media Inquiries:
Cheryl Eberwein, (USA) 313-248-6321, ceberwei@visteon.com,
or Analyst Inquiries:
Kent Niederhofer, (USA) 313-390-1467, kniederh@visteon.com,
both of Visteon Automotive Systems

Web site: http://www.visteon.com

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