Visteon booked first quarter net income of US$69m, or $1.33 per share, compared with a net loss of $29m, (-$0.56) in the first quarter of 2012.
Sales rose $129m to $1.86bn due to increased vehicle production and new business in Asia and North America, offset somewhat by lower volumes in Europe.
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First-quarter adjusted EBITDA was $170m, up from $143m a year ago.
“We are pleased with our first-quarter performance, which represents a significant year-over-year improvement and validates that our strategic plan to deliver value for customers and shareholders continues to gain momentum,” said Tim Leuliette, president and CEO.
“The benefits of our value-creating strategy are beginning to be recognised – in the recent all-time high share trading price of Halla Visteon Climate Control, for example. We continue to aggressively move forward with our plan and are committed to having our progress recognized appropriately in Visteon’s share trading price.”
On 31 January, Visteon and its 70%-owned Korean affiliate Halla Climate Control Corporation completed a deal combining the majority of Visteon’s automotive climate business under Halla Visteon Climate Control. The transaction was divided into two phases, with the second phase now largely complete and on track to be finished in the first half.
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By GlobalDataVisteon reaffirmed full-year guidance, projecting 2013 sales ranging from $7.3bn to $7.5bn, and adjusted EBITDA in the range of $620m to $660m. It updated guidance for adjusted earnings per share to $4.04 to $5.52.
