Visteon Corporation has posted net profit of US$50m with sales of US$2.03bn for the first quarter of this year.
Adjusted EBITDA was US$189m, compared with US$161m in the same period last year.
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“We achieved strong quarterly adjusted EBITDA on the fundamental strength of our cockpit electronics businesses in a positive overall market, combined with benefits from engineering synergies and manufacturing costs,” said Visteon president and CEO, Tim Leuliette.
“We continue to realise value for our customers and shareholders through the ongoing integration of the former Johnson Controls electronics business.
“With the upcoming sale of our ownership interest in Halla Visteon Climate Control, we will be singularly focused on our profitable, technology-focused electronics business, where we are well-positioned to capitalise on dynamic growth of the connected vehicle.”
Visteon adjusted its full-year 2015 guidance for its key financial metrics to reflect improved performance despite the negative impact of currency movements.
The company projects 2015 sales for the Electronics Product Group of US$3bn, while adjusted EBITDA for the Electronics Product Group and corporate costs is projected in the range of US$245m to $265m.
