Visteon reports $115 million fourth-quarter loss Monday, January 31, 2005 BY JOHN PORRETTO ASSOCIATED PRESS

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Presentation transcript:

Visteon reports $115 million fourth-quarter loss Monday, January 31, 2005 BY JOHN PORRETTO ASSOCIATED PRESS

Visteon Corporation Auto supplier Visteon Corp., the former Ford Motor Co. division, reported a preliminary loss of $115 million in the fourth quarter, pulled down by continued high operating costs and lower vehicle production at Ford. Visteon, based in Van Buren Township, Mich., cautioned Monday it found errors related to its accounting for retiree health care and pension benefits and income taxes. It said it was consulting with its accounting firm, PricewaterhouseCoopers LLP, to determine if any adjustments or corrections are necessary. The fourth-quarter loss amounted to 92 cents a share, compared with a restated loss of $829 million, or $6.60 a share, a year ago when Visteon absorbed $720 million in charges related to a restructuring of its operations.

Revenues and Costs For full-year 2003, Visteon reported a restated net loss of $1.2 billion or $9.46 per share. Revenue last year totaled $18.7 billion, up $1 billion compared with 2003, despite a $460 million decline in Ford revenue. Full-year non-Ford revenue reached a record $5.7 billion, up 36 percent over Full-year non-Ford sales represented 30 percent of total revenue. Visteon said it continues to discuss with Ford "strategic and structural changes" to its U.S. business.

The Economics What is the purpose of a firm? –To make profits. Why didn’t Visteon make profits? How do accountants figure in this? When the firm loses money does it go out of business? –Why or Why Not? Is this a competitive market?

Does = Are they one firm, or two?