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Visteon posts $38 million third-quarter net loss; sales $1.73 billion
By Alice Popovici
New York, Oct. 28 - Visteon Corp. reported a $38 million net loss for the three-month period ended Sept. 30 on total sales of $1.73 billion, according to a company press release.
The figures compare to the $188 million net loss reported for the same period in 2008, on $2.12 billion in sales. Adjusted EBITDA for third-quarter 2009 was $125 million, compared with $5 million for third-quarter 2008.
As previously reported, the net loss for the second quarter of this year was $99 million, widening from a $23 million net loss for the second quarter of last year.
Visteon had cash balances totaling $814 million at Sept. 30, up from $647 million at June 30.
Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11726.
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