Thursday, March 17, 2005

Visteon restates results for 4 years

Bloomberg News

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VAN BUREN TOWNSHIP - Visteon Corp., the second-biggest U.S. maker of auto parts, has restated results for the past four years.

The changes reduced by about one-third the company's earnings during the first half of 2004.

Visteon said Jan. 31 it was reviewing earnings back to 2001 because it discovered accounting errors for retiree health and pension benefits and income taxes.

The company issued revised results Wednesday in a regulatory filing with the U.S. Securities and Exchange Commission.

The company reported first-quarter 2004 net income of $20 million, or 16 cents a share, compared with the $30 million, or 23 cents, it originally reported in April 2004. In the second quarter of that year, Visteon had net income of $24 million, or 19 cents a share, compared with the $31 million, or 24 cents, the company reported in July 2004.

Visteon hasn't had a full year of net income since it was spun off from Ford Motor Co. in 2000. The company had combined net losses of $3.19 billion, from 2001 through 2004, according to the restated results.