SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report September 18, 2001 (Date of earliest event reported) |
VISTEON CORPORATION |
(Exact name of registrant as specified in its charter) |
Delaware |
1-15827
|
38-3519512 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number)
|
(IRS Employer Identification No.) |
||
5500 Auto Club Drive, Dearborn, Michigan |
48126 |
|||
(Address of principal executive offices) |
(Zip Code) |
Registrants telephone number, including area code (800)-VISTEON
EXHIBIT INDEX | ||||||||
Press Release Dated September 18, 2001 |
Item 5. Other Events.
On September 18, 2001, we issued a press release concerning our third quarter 2001 earnings. The press release, filed as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibit No. |
Description |
|
99.1 |
Press release dated September 18, 2001 |
- 2 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VISTEON CORPORATION |
||||
Date: |
September 18, 2001
|
By: /s/ Stacy L. Fox Stacy L. Fox Senior Vice President, General Counsel and Secretary |
- 3 -
EXHIBIT INDEX
Exhibit No. | Description | Page | ||||
Exhibit 99.1 |
Press Release dated September 18, 2001 |
- 4 -
News Release
Exhibit 99.1
Contact(s): |
Media Inquiries:
|
Visteon Corporation |
||
Liane Smyth
|
Public Affairs |
|||
313-755-2916
|
5500 Auto Club Drive |
|||
lsmyth1@visteon.com
|
Dearborn, MI 48126 |
|||
Facsimile: 313-755-7983 |
||||
Investor Inquiries: |
||||
Derek Fiebig |
||||
313-755-3699 |
||||
dfiebig@visteon.com |
FOR IMMEDIATE RELEASE
VISTEON CORPORATION REVISES THIRD QUARTER EARNINGS GUIDANCE
DEARBORN, Mich., Sept. 18, 2001 Visteon Corporation (NYSE: VC) today revised its Third Quarter earnings estimates in light of Fridays announcement that Ford would take 110,000 to 120,000 units out of the Third Quarter North American production schedule with only two weeks remaining. Visteon now expects to post an after-tax loss of $60-70 million, excluding restructuring charges.
Although weve been able to hold our forecast until now, there is no way we can contain this level of reduction this late in the quarter, said Michael Johnston, President and Chief Operating Officer. In the Second Quarter, when industry production schedules were sharply reduced, we were able to take actions to reduce controllable costs and stay on target. In that case, however, the production cuts came much earlier in the quarter. We are taking every action to minimize the impact of this latest cut, but cannot accommodate this level of disruption in this timeframe.
Visteon noted that despite the difficulties in border crossings and air freight, it has been able to meet all of its production commitments to Ford.
Visteon is not providing guidance for full year results at this time, citing the high degree of economic and auto sales uncertainty.
Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple
1.
channels within the global automotive aftermarket. Visteon has about 80,000 employees and a global delivery system of more than 160 technical, manufacturing, sales, and service facilities located in 25 countries.
This press release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as estimated and potentially signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 27, 2001. Should any risks and uncertainties develop into actual events, these developments could have material adverse effects on Visteons business, financial condition and results of operations.
###
Visteon news releases, photographs and product specification details
are available at www.visteon.com
2.