Visteon Reports First Quarter 1999 Earnings of $208

Million, Up 10 Percent Dearborn, Mich. (PROTEXT) - Visteon Automotive Systems is reporting a first quarter 1999 net income of $208 million, up 10 percent from a year ago. Revenue for the first quarter was $4.8 billion, up 9 percent from 1998, with an after-tax return on sales of 4.3 percent. "Visteon has extended its year-over-year profit performance improvement to five consecutive quarters," said Craig Muhlhauser, president, Visteon Automotive Systems. "This demonstrates the commitment of our entire team to deliver on our customer promise and increase shareholder value." Visteon is agressively pursuing its 1999 milestone of securing $2 billion in new forward year business contracts. To date, over $700 million in new business has been awarded with customers througout the world including 33 percent with non-Ford (NYSE: F) customers. By comparison, Visteon's 1998 non-Ford sales were less than 10 percent. In addition, Visteon continues to expand its global customer base with 27 percent of the new business outside of North America. "Visteon is making significant progress on its long-term top- line growth objective and its target to expand its non-Ford customer base," said Muhlhauser. With a global system of nearly 100 technical, manufacturing, sales and service facilities located in 20 countries, Visteon is leveraging the talents of 74,000 employees to deliver innovative, consumer-driven automotive systems solutions to its customers. Consolidated Statement of Income First Quarter 1999 1998 (Mils.) (Mils.) Revenue $4,772 $4,378 Cost and expenses Cost of goods sold 4,297 3,932 Selling, administrative, and other expenses 173 140 Total costs and expenses $4,470 $4,072 Operating income $302 $306 Interest Interest income 22 5 Interest expense 23 18 Net interest expense $(1) $(13) Equity in net income of affiliated companies 16 (4) Income before taxes $317 $289 Provision for income taxes 113 102 Income before minority interests $204 $187 Minority interests in net income of subsidiaries (4) (2) Net income $208 $189 Memo: After-tax return on sales 4.3% 4.3% ots Original Text Service: Visteon Automotive Systems Internet: http://www.newsaktuell.de Contact: Media Inquiries: Denise Bither, (USA) 313-248-4063, dbither@visteon.com, or Analyst Inquiries: Kent Niederhofer, (USA) 313-390-1467, kniederh@visteon.com, both of Visteon Web site: http://media.visteon.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT