* First-quarter adjusted earnings/share $2.02 vs estimate
* Revenue up 8 pct to $1.86 bln.
* Sees full-year earnings/share $4.04-$5.52
May 9 Automotive parts supplier Visteon Corp
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, Visteon's largest
customer, reported a nearly 9 percent increase in April auto
sales earlier this month.
Ford Motor Co, 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.