Visteon Corp. (VC) reported first-quarter 2013 net income attributable to company of $69 million or $1.33 per share, compared to a net loss of $29 million or $0.56 per share, last year. The company noted that its first-quarter 2013 net income included a benefit of $54 million related to the outcome of certain tax proceedings, partially offset by $36 million of restructuring and other transformational costs.
Adjusted profit per share was $2.02 compared to $0.69 last year.
Sales were $1.86 billion, an increase of $139 million from the same quarter a year earlier. Sales were higher due to increased vehicle production and new business in Asia and North America, partially offset by lower production volumes in Europe, the company said.
On average, four analysts polled by Thomson Reuters expected the company to report profit of $1.08 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.74 billion for the quarter.
Visteon reaffirmed full-year guidance for most financial metrics. The company projects 2013 sales ranging from $7.3 billion to $7.5 billion. Visteon updated its full-year guidance for adjusted earnings per share, a non-GAAP measure, to a range of $4.04 to $5.52. Analysts expect the company to report 2013 profit per share of $4.05 on revenue of $7.30 billion.
For comments and feedback: editorial@rttnews.com