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Visteon earnings fall, plans signficant cost cutting

Nov 1 (Reuters) - Auto parts supplier Visteon Corp posted a steep fall in quarterly profit as lower vehicle production hit revenue and it said it plans significant cost cutting.

The former Ford subsidiary said it expects to incur restructuring and other costs of about $100 million, beginning in the fourth quarter.

For the third quarter, Visteon reported earnings attributable to the company of $15 million, or 28 cents per share, compared with $41 million, or 79 cents per share, a year ago. Revenue fell 15 percent to $1.62 billion.