Visteon posts first quarter net income of $69 million

VAN BUREN TOWNSHIP, Mich. (AP) -- Auto parts supplier Visteon Corp. posted net income of $69 million for the first quarter as increased vehicle production in North America and Asia helped it reverse a loss in the same period a year ago.

The results easily beat Wall Street predictions and the company issued strong full-year profit guidance, sending its shares up almost 4 percent in premarket trading.

The Van Buren Township, Mich.-based auto parts supplier's profit amounted to $1.33 per share for the three months ended March 31 compared with a loss of $29 million, or 56 cents per share, in the same quarter of 2012.

Analysts, on average, expected earnings of $1.07 per share, according to FactSet.

The recent quarter's results included a tax-related benefit of $54 million, which was partially offset by $36 million in restructuring and other costs.

Revenue rose 8 percent to $1.86 billion from $1.72 billion, as higher demand for its systems in North America and Asia more than offset lower European demand.

On a regional basis, Asia accounted for 46 percent of total product sales -- up from 43 percent a year ago -- while Europe represented 30 percent, North America 19 percent and South America 5 percent.

Climate and electronics sales both increased, helped by higher production volumes, while interiors sales fell, mainly as a result of lower European volumes.

Visteon projected a 2013 adjusted profit of $4.04 to $5.52 per share, above analyst' predictions of $4.03 per share. Revenue is still expected to total between $7.3 billion and $7.5 billion, while analysts expect $7.3 billion.

Published: Mon, May 13, 2013

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