Tier one supplier Visteon is remaining quiet concerning speculation it is to divest two of its units after posting third quarter results back in the black.
Media reports have raised the possibility of Visteon’s lighting and interiors divisions being put up for sale, but the US component manufacturer is declining to comment on any such potential move.
“We have no comment on that, we are not commenting on that topic,” a Visteon spokesman in the US told just-auto. “If there is any information regarding information to be shared, we will do that in the future, but [on] that topic, we have no comment.”
Speculation has raised the possibility of both divisions being worth up to US$450m, although the same report hints there may be a difference of opinion at the company’s highest levels on how to proceed should any sale be forthcoming.
Last week Visteon moved into the black with third-quarter net income of $41m, or 79 cents a share, on sales of up about 20% to $2.04bn. That contrasted with the net loss of $140m on sales of $1.70bn booked in the third quarter of 2010. Adjusted Q3 EBITDA was $166m versus $149m in 2010.
“In each of our four product lines and in every region where we operate, our third-quarter sales were higher than a year ago,” said chairman, CEO and president Donald Stebbins.
The supplier said the 20% boost in Q3 product sales was due to higher production volumes at all major customers plus favourable exchange rates.
Hyundai Motor accounted for 32% of third quarter sales, with Ford representing 26%, Renault-Nissan 8% and PSAPeugeot-Citroen about 5%.