Sale of Partnership Stake Boosts Visteon Earnings

Visteon Corp.'s net income for 2013 zoomed to $690 million from $125 million in the previous year, largely because of the fourth-quarter sale of its 50% stake in an automotive trim venture in China.

Sales last year grew 8% to $7.4 billion, including $1.8 billion in new business. Results were driven by double-digit increases in the company's core climate and electronics businesses.

Earnings before an adjusted interest, taxes, depreciation and amortization for the year rose 17% to $704 million.

Visteon's fourth-quarter sales grew 7% to nearly $2 billion. Revenue from its climate control unit surged to $1.3 billion from $35 million in October-December 2012. Sales of electronic components expanded 18% to $396 million, thanks to consolidation.