Visteon raises full-year profit forecast
(Reuters) - Automotive parts supplier Visteon Corp (VC.N) jacked up its forecast for adjusted full-year earnings after reporting stronger-than-expected first-quarter earnings on higher vehicle production in Asia and North America.
Visteon increased its presence in Asia and North America, where the automotive market has rebounded since nearing the brink of collapse in 2009.
The company, which received almost half its revenue from Asia, said it now expects adjusted full-year earnings of $4.04 to $5.52 per share, up from its previous expectation of $3.65 to $4.44 per share.
South Korea-based Kia Motors (000270.KS), Visteon's largest customer, reported a nearly 9 percent increase in April auto sales earlier this month.
Ford Motor Co (F.N), Visteon's second-largest customer and former owner, reported better than expected results in April as the car maker took steps to fix its European operations and reported higher sales in North America.
Hyundai-affiliated Kia and Ford together accounted for more than 60 percent of Visteon's first-quarter revenue.
Visteon recorded a net income of $69 million, or $1.33 per share, compared with a loss of $29 million, or 56 cents per share, a year ago.
Excluding one-time items, the company that makes climate, audio and driver control systems, earned $2.02 per share.
Revenue rose 8 percent to $1.86 billion.
Analysts on average expected a profit of $1.08 per share on revenue of $1.74 billion, according to Thomson Reuters I/B/E/S.
It was not immediately clear if the earnings per share number was comparable to the estimates.
The Michigan-based company's shares closed at $60.24 on the New York Stock Exchange on Wednesday.
(Reporting by Tej Sapru and Mridhula Raghavan in Bangalore,; Editing by Joyjeet Das)
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