Visteon Corporation booked first quarter 2014 net income down US$50m to $19m ($0.38 a share) on sales of $1.98bn with adjusted EBITDA up to $170m, compared with $141m in the same period last year. 

“We delivered solid financial results in the first quarter while announcing or completing key transactions in support of our value creation plan,” said Tim Leuliette, president and CEO.

“The new Visteon is well positioned to address changing market dynamics and regulatory trends, and to continue delivering value to customers and shareholders through our focus on vehicle thermal management and cockpit electronic ecosystems.”

Q1 sales of $1.98bn were up $126m year on year. Hyundai-Kia accounted for approximately 34% and Ford 26%. Asia accounted for 49% of sales, Europe 31%; North America 17%; and South America 3%.

Gross margin was $195m, compared with $154m a year earlier.

Net income fell $50m reflecting the non-recurrence of a $54m tax benefit recorded in Q1 2013.

Climate sales totaled $1.3bn, an increase of $40m. Electronics sales were $439m, up $74m. Interiors sales were off $14m to $303m.

Visteon reaffirmed its full-year 2014 guidance and still projects 2014 sales of $7.8bn, adjusted EBITDA in the range of $660m to $700m, and adjusted earnings per share in the range of $2.21 to $3.09.  The guidance reflects a full year of interiors business and excludes the impact of the Johnson Controls electronics acquisition.