visteon warns on earnings, citing ford cuts
Visteon warns on earnings, citing Ford cuts September 9, 2004 4:47pm ET (Reuters)
CHICAGO, Sept 9 (Reuters) - Auto parts supplier Visteon Corp. warned on Thursday that second half and full 2004 results will be significantly below prior forecasts because of Ford Motor Co.'s production cut plans and other factors.
Visteon also said it would take a noncash charge of up to $900 million in the third quarter to write down deferred tax assets, citing an analysis of the expected impact from Ford's announcement of planned production cuts.
The company said it has withdrawn prior forecasts for third-quarter and full-2004 revenue, earnings and cash flow.
