Visteon Corp. on Monday said its second-quarter losses widened, reflecting the reinstatement of interest expenses and charges tied to retired employee benefits and restructuring expenses.
The auto parts supplier, which is still operating under U.S. bankruptcy protection, posted a net loss of $201 million on revenue of $1.9 billion, compared to a net loss of $112 million on revenue of $1.5 billion in the same period last year.
The net loss includes $236 million in charges, including a $122 million charge for interest expenses, $75 million toward reinstated retired employee benefits and $39 million in restructuring fees while under bankruptcy protection.
Sales rose 24 percent in the second quarter due to higher production volumes in Europe and Asia. Visteon said European customers represented 36 percent of second-quarter revenues, and Asia accounted for 39 percent of sales during the period.
No Visteon subsidiaries or joint ventures outside the United States were included in its U.S. bankruptcy filing.
Among major customers, the Hyundai Group, including Kia, represented 30 percent of sales, and former parent company Ford Motor Co. accounted for 27 percent of sales.
“While we don't expect global vehicle production in the second-half of this year to approach first-half levels, our lean and globally balanced engineering and manufacturing footprint provides a competitive advantage in growing with our customers around the world,” Visteon CEO Donald Stebbins said in a statement.
The company also said preliminary voting results show all of its creditor and shareholder classes have accepted its latest reorganization plan. Visteon is scheduled to confirm its reorganization plan on Aug. 31 in a hearing.
Visteon ranks No. 21 on the Automotive News Europe list of the top 100 global suppliers, with sales to automakers of $6.42 billion in 2009.
Douglas A. Bolduc contributed to this report