The struggles continue for Visteon
Things are not quite as bad as they seem, however. The results included $756 million -- or $6.02 per share -- in writedowns and other charges related to a restructuring of its relationship with former parent Ford
The highlight, however, has to be the progress made in diversifying its customer base and lessening its reliance on one company. Non-Ford revenue increased 16% to over $4 billion during the year, and management expects that number to grow by 25% in 2004. The total revenue target for the year is $18.6 billion to $18.8 billion -- up about 6% -- with actual earnings of $0.50 to $1.00 per share and positive free cash flow.
Investors considering this sector might want to take a look at BorgWarner