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Visteon Posts 13% Profit Drop But Raises 2013 Outlook
Visteon Corp. netted $65 million in the second quarter of this year compared with $75 million a year earlier.
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Visteon Corp. netted $65 million in the second quarter of this year compared with $75 million a year earlier. Revenue fell 12% to $1.9 billion.
Quarterly earnings before interest, taxes, depreciation and amortization and excluding special items (adjusted EBITDA) jumped 27% to $187 million.
Visteon boosted its full-year forecast for adjusted EBITDA to a range of $660 million to $690 million from its previous prediction of $620 million to $660 million. The company left its 2013 sales outlook unchanged at $7.3 billion to $7.5 billion.
Visteon says second-quarter results benefited from strong operating income in all regions worldwide, including the weak European auto market.
Second-quarter revenue grew 17% to $1.2 billion at the climate-control business and 16% to $354 million at the electronics unit. But sales at the company's auto interiors operations dropped 5% to $334 million.
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