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UPDATE 1-Visteon revenue boosted by increased automobile production
August 6, 2014 / 12:15 PM / 3 years ago

UPDATE 1-Visteon revenue boosted by increased automobile production

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Aug 6 (Reuters) - Auto parts maker Visteon Corp reported an 11 percent rise in quarterly revenue and raised its full-year profit forecast as higher vehicle production boosts sales of air conditioning and electronics products.

The company, however, posted a loss for the second quarter ended June 30 due to charges related to the sale of most of its interiors business, which accounted for about 17 percent of annual revenue in 2013.

The company raised its full-year earnings forecast to $2.98-$3.62 per share from $2.21-$3.09.

Revenue in the climate control business rose 6.6 percent to $1.33 billion in the second quarter, accounting for three-quarters of total revenue.

The unit makes heating, ventilation, air conditioning and powertrain cooling systems.

Total sales rose to $1.78 billion from $1.61 billion a year earlier.

Net loss attributable to Visteon was $155 million, or $3.35 per share, compared with a profit of $65 million, or $1.29 per share. The loss includes an impairment loss on assets held for sale and other items.

Excluding the impact of discontinued operations, the company earned $1.75 per share.

Visteon’s shares closed at $97.24 on the New York Stock Exchange on Tuesday. They have gained about 47 percent in the past year, outstripping the 11 percent rise in the Dow Jones U.S. Automobiles & Parts index. (Reporting by Ankit Ajmera in Bangalore; Editing by Savio D‘Souza and Saumyadeb Chakrabarty)

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