Visteon posts $42 million operating loss for quarter ended June 30

By Caroline Salls

Pittsburgh, Aug. 6 - Visteon Corp. reported a $42 million operating loss for the three months ended June 30 on $1.569 billion in sales, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

The figures showed a decline from the $53 million operating income posted for the three months ended June 30, 2008 on $2.909 billion in sales.

According to the filing, recessionary economic conditions continued to suppress global consumer demand for automobiles, which resulted in lower customer production volumes for the second quarter compared to the same period of 2008.

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.

Meanwhile, Visteon posted $25 million of operating income for the first six months of 2009 on $2.921 billion in sales, compared with $38 million of net income reported for the first six months of 2008 on $5.771 billion in sales.

The net loss for the first half of 2009 was $90 million, narrowing from a $116 million net loss for the first half of last year.

Visteon had $647 million in cash and cash equivalents at June 30, down from $1.18 billion at Dec. 31, 2008.

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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