REPORT: Visteon books $2M profit. Delphi makes $556M. Wait... wha?!
In unrelated but similar news, fellow Tier-1 supplier Delphi logged a $556-million profit in the first quarter, a number reportedly generated largely by a maneuver that saw them shave $1.2 billion in health care benefits for retired salaried workers. The bankrupt company posted profits of 98 cents per share, but it simultaneously reported that business to General Motors (by far its biggest client) fell by half, and the company posted a 52% quarterly sales drop (to $2.5 billion) as a result.
[Sources: Detroit Free Press]
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