Visteon back to 4Q profit, Europe a drag
Visteon returns to 4Q profit as climate and electronics take off
VAN BUREN TOWNSHIP, Mich. (AP) -- Visteon is again posting fourth-quarter profits after freeing itself of discontinued operations that had dragged down the performance of the auto supplier during the same period last year.
The Ford spin-off emerged from bankruptcy protection in 2010, shedding billions in debt and pension costs. Losses last year $64 million during the fourth quarter from discontinued operations were erased this year.
The company on Thursday posted a profit of $39 million, or 74 cents per share, compared with a loss of $26 million, or 51 cents per share, in the same quarter last year.
Revenue rose 6 percent to $1.82 billion from $1.73 billion.
Sales at its climate division rose on higher production volumes and business from new customers. Electronics sales also increased, helped by higher North American vehicle production, which was partially offset by lower European production levels and unfavorable exchange rates.
"Visteon is a stronger company than a year ago - with a global, low-cost manufacturing footprint; a solid cash position, a conservative debt profile; and a strong business backlog," said CEO Tim Leuliette.
For the full year, Visteon earned $100 million, or $1.88 per share, up from $80 million, or $1.54 per share, in 2011. Revenue fell to $6.86 billion from $7.53 billion.
Visteon said it expects to post 2013 sales of $7.3 billion to $7.5 billion, while analysts expect $7.2 billion.
