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Visteon Swings to Quarterly Profit as Sales Grow
Visteon Corp. posted net earnings of $39 million in the fourth quarter of last year compared with a $26 million loss in the same period of 2011.
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Visteon Corp. posted net earnings of $39 million in the fourth quarter of last year compared with a $26 million loss in the same period of 2011. Revenue rose 6% to $1.8 billion.
For the full year, Visteon's net income climbed to $100 million from $80 million in 2011. But revenue slid 9% to $6.9 billion.
Visteon reports that it completed the consolidation of most of its automotive climate-control business with its South Korean affiliate, Halla Climate Control Corp., on Jan. 31. The company disclosed the preliminary deal in September.
Visteon also sold its interest in a Chinese lighting joint venture for $17 million on Jan. 29. The company is still trying to find a buyer for its interiors business.
In 2013 Visteon expects revenue to grow to $7.3 billion-$7.5 billion. The company predicts adjusted earnings before interest, tax, depreciation and amortization of $620 million-$660 million compared with $628 million in 2012.
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