* First-quarter revenue rises 7 pct to $1.98 bln
* Earnings $0.38/share vs $1.33/share a year earlier
* Climate business revenue rises by $40 mln to $1.3 bln
(Adds details, background, share price)
May 8 Auto parts maker Visteon Corp
reported a 7 percent rise in quarterly revenue as higher vehicle
production boosted sales of its climate control products.
U.S. auto parts makers are benefiting from the rise in
global demand for vehicles. Last month, seat maker Lear Corp
said global vehicle production rose 5 percent in the
first three months of the year.
Visteon did not give its own estimate on Thursday, but said
higher production, particularly in Asia Pacific and Europe,
boosted sales of its climate control products in the first
quarter ended March 31.
Climate control products include heating, ventilation, air
conditioning and powertrain cooling systems and the business
accounted for more than two-thirds of Visteon's total revenue in
Revenue in the business rose $40 million to $1.3 billion in
the quarter. Total sales rose to $1.98 billion from $1.86
billion a year earlier.
Net income attributable to Visteon fell to $19 million, or
38 cents per share, from $69 million, or $1.33 per share. The
results a year earlier included a $54 million tax benefit.
Excluding items, the company earned 63 cents per share.
Visteon's shares closed at $89.40 on the New York Stock
Exchange on Wednesday. They have gained about 48 percent in the
past year, outstripping the 26 percent rise in the Dow Jones
U.S. Automobiles & Parts index.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by