Visteon reports much improved $290 million operating income for 2009

By Caroline Salls

Pittsburgh, Feb. 26 - Visteon Corp. posted $290 million of operating income for the year ended Dec. 31 on $6.685 billion in sales, according to a 10-K filed Friday with the Securities and Exchange Commission.

In comparison, the company reported a $403 million operating loss for the year ended Dec. 31, 2008 on $9.544 billion in sales.

According to the 10-K, the decrease in sales included a $2.66 billion drop in product sales related to lower production volumes and customer sourcing actions, facility divestitures and closures, unfavorable currency and customer price reductions.

The decline also reflected a $202 million decrease in services revenues stemming from lower utilization of the company's services in connection with the terms of various service and transition support agreements.

The net income for 2009 was $184 million, improving significantly from a $647 million 2008 net loss.

Visteon had $962 million in cash and cash equivalents at Dec. 31, down from $1.18 billion at Dec. 31, 2008.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11786.

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