Visteon Corp., Vitro and Saint-Gobain have all released their latest financial
reports and the glass operations came with red ink.
For Visteon, the Michigan-based company, which has stated that it wants to
sell its glass operations, first quarter 2005 glass operation sales dropped to
$138 million from $139 million in the same period the previous year. The company
reported a $10 million loss for the segment versus a $6 million profit for the
first quarter of 2004.
Vitro reported that sales of its flat glass operations dropped from $274 million
to $265 million for the first quarter of the year, a 3.5-percent drop. The Mexican
glass manufacturer reported that EBITA for its flat glass operations fell to $20
million from $33 million in the first quarter of 2004, a drop of more than 39
French glass manufacturer Saint-Gobain saw sales for its flat glass operations
decline to 1.081 billion euros from 1.087 billion euros in the first quarter of
2004, a nominal .6 percent erosion.
In presenting its financial information, the company stated, "Flat glass
sales retreated slightly, reflecting lower volumes on the European building market
compared with the first quarter of 2004, due to the severe weather conditions.
Float glass prices were on an upward trend. However, prices fell back slightly
in glass processing for the building industry and in automotive flat glass in
Europe, the latter being due to an unfavorable product mix. Business remained
virtually stable on Europe's automotive market, while it notched up impressive
gains in emerging countries."