Visteon’s loss narrows in third quarter
Visteon Corp., the auto parts maker spun off from Ford Motor Co., said its third-quarter loss narrowed because of reduced expenses and announced plans to cut 900 salaried jobs in the U.S. and Europe.
The company, based in Van Buren Township, Mich., said its net loss shrank to $177 million, or $1.38 a share. That compared with a deficit of $207 million, or $1.64, a year earlier.
Visteon, which trimmed expenses by shifting some operations to Ford in October 2005, said revenue fell 36% to $2.62 billion, reflecting the parts maker’s smaller size. Visteon faces declining demand from Ford and other automakers as they cut North American production.
Visteon’s shares rose 12 cents to $7.38.
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