Visteon’s Quarterly Net Income Triples

Visteon Corp. reports its third-quarter net income rose to $43 million from $15 million a year earlier. Revenue grew 13% to $1.7 billion.

The Michigan-based maker of vehicle electronics, interiors and trim says its adjusted earnings before interest, taxes, depreciation, amortization and one-time items rose 19% to $160 million in the July-September period.

The improved results reflect a cost-cutting effort launched a year ago after third-quarter profits dropped 63% from $41 million in the third quarter of 2011.

The company currently generates 45% of its revenue in Asia, 30% in Europe, 20% in North America and 5% in South America. One-third of its sales are to Hyundai-Kia and 28% are to Visteon's former owner, Ford Motor Co.

Visteon expects its full-year sales to reach $7.4 billion compared with $6.9 billion in 2012. It forecasts an adjusted EBITDA between $680 million and $700 million compared with $628 million last year.