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DETROIT (AP) - Visteon Corp., the world's second-largest auto parts maker, posted a far greater loss than expected Wednesday, due to lower sales to former parent company Ford Motor Co., higher steel costs and price reductions. The company's stock plummeted to a new all-time low.
Shares of the company fell 70 cents, or 15.8 percent, to close at $3.74 in Wednesday trading on the New York Stock Exchange — its lowest price since Visteon was spun off from Ford in 2000.
Visteon — which has been in talks to restructure its relationship with Ford, still by far its largest customer — posted a first-quarter loss of $188 million, or $1.49 per share, compared with net income of $20 million, or 16 cents per share, a year ago. Sales edged up to $4.99 billion from $4.97 billion last year.
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