Visteon’s 4th-Quarter Earnings Fall 67%

Visteon Corp. said its profit dropped 67% in the fourth quarter to $31 million, or 23 cents a share, because of a production decline at former parent Ford Motor Co. and price cuts. The results beat the average analyst forecast of 19 cents, according to First Call/Thomson Financial. Sales declined 4.2% to $4.5 billion, in part because Visteon gave Ford a 5% price cut as part of its separation in June. The company also said it will idle 6,000 workers for a week starting Monday as Ford continues with temporary plant closings it announced last month. Other auto makers have also trimmed production because of cooling demand for cars and trucks. Visteon shares closed off 6 cents at $14 on the NYSE.