Feb 25 Visteon Corp, the auto parts maker, on Tuesday posted a stronger-than-expected quarterly profit and reaffirmed its 2014 financial projections.
Net income surged to $513 million, or $10.32 a share, in the fourth quarter, compared with $39 million, or 74 cents a share, in the year earlier period. The most recent period included $465 million in gains related to the sale of the company's stake in a Chinese joint venture.
Excluding the gain from the divestiture and one-time costs, the company earned $1.93 a share. Analysts polled by Thomson Reuters I/B/E/S expected $1.45 a share.
Sales rose 7.4 percent from the previous year to $1.96 billion, driven by stronger demand in the company's climate business in Asia and North America. Analysts expected $1.93 billion.
Visteon said it expects 2014 sales at a midpoint of $7.8 billion and adjusted earnings at a midpoint of $680 million, repeating its forecast from last month. Analysts expect 2014 sales of $7.99 billion and adjusted earnings of $697 million.
French president condemns Fillon's allegations of involvement in plot against him
PARIS, March 23 French President Francois Hollande condemned allegations by presidential candidate Francois Fillon on Thursday that he was involved in what Fillon alleges is a government plot to spread damaging media leaks about his financial affairs.