Feb 25 (Reuters) - 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.