Exhibit 99.1
     
NEWS RELEASE   (VISTEON LOGO)
Visteon Announces 2010 Financial Results
Full Year 2010 Highlights
  Product sales of $7.32 billion, up $903 million from prior year
 
  Net income of $1.03 billion, including $933 million of net reorganization gains
 
  Adjusted EBITDA of $614 million, up $160 million year-over-year
 
  Cash generated by operating activities of $174 million, up $33 million from 2009
 
  Year-end cash balances of $979 million; total debt of $561 million
 
  Common stock listed on NYSE; trading since Jan. 10, 2011 (symbol: VC)
VAN BUREN TOWNSHIP, Mich., March 9, 2011 — Visteon Corporation (NYSE: VC) today announced financial results for 2010, reporting full-year sales of $7.47 billion, an increase of $781 million or 12 percent compared with 2009. Net income for full year 2010 was $1.03 billion and included $933 million of net reorganization gains in connection with the company’s emergence from Chapter 11 on Oct. 1, 2010. Adjusted EBITDA for full year 2010 was $614 million, an increase of $160 million compared with $454 million for 2009. For full year 2010, the company generated $174 million of cash from operating activities, an increase of $33 million compared with 2009.
“Our full-year financial results significantly improved from last year, reflecting our ongoing operational actions, benefits from our restructuring initiatives and an upswing in global vehicle production volumes,” said Donald J. Stebbins, chairman, chief executive officer and president. “We capitalized on sales growth in China and other emerging markets through our extensive manufacturing and engineering presence in these key regions.”
Full Year 2010 Results
Product sales for full year 2010 were $7.32 billion, up $903 million, or more than 14 percent, from 2009, reflecting higher customer vehicle production volumes and favorable currency. The improved production environment was partially offset by the impact of divestitures and plant closures completed in 2009 and the first half of 2010, which reduced product sales by $422 million. Approximately 29 percent and 25 percent of 2010 product sales were to Hyundai-Kia and Ford, respectively. Renault-Nissan and PSA Peugeot-Citroën collectively accounted for about 14 percent of sales. On a regional basis, Asia Pacific and Europe accounted for 40 percent and 36 percent of total product sales, respectively, while North America accounted for 18 percent and South America 6 percent.
Gross margin for 2010 was $809 million, increasing $212 million over full year 2009. Gross margin for full year 2010 included $198 million of savings related to the termination of company-paid medical, prescription drug and life insurance coverage under certain U.S. other post-retirement employee benefit (“OPEB”) plans, which was $65 million higher than similar savings recognized in 2009. The remaining year-over-year increase of $147 million reflected higher production volumes and improved net cost performance, partially offset by divestitures and plant closures, unfavorable currency and inventory valuation adjustments associated with the adoption of fresh-start accounting.

 


The following information was filed by Visteon Corp (VC) on Wednesday, March 9, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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