Visteon raises FY review

BANGALORE: Auto parts maker Visteon Corp, which emerged from bankruptcy last year, posted a quarterly profit and raised its full-year revenue outlook for a second time as it sees new business wins generating annual sales of more than $250 million.

Visteon said it won a substantial amount of new business in the April-June second quarter, with about half to be manufactured in Asia.

The company forecast full-year revenue of $8.0-$8.2 billion, up from its prior view of $7.75-$7.85 billion.

April-June net income was $26 million, or 50 cents a share, compared with a net loss of $201 million, or $1.55 a share, a year ago.

Product sales at Visteon, which was spun off from Ford Motor Co in 2000, rose 15 percent to $2.18 billion.

The company said South Korea's Hyundai Motor Co was its biggest customer in the quarter, accounting for 32 percent of sales, followed by Ford.

Asia accounted for 41 percent of total product sales, followed by Europe on 37 percent, North America on 15 percent and South America on 7 percent.

Shares of the company closed at $58.44 Wednesday on the New York Stock Exchange. The stock has dropped almost 15 percent in just over a week, after CEO Don Stebbins hinted at plans to break up the company.

Copyright Reuters, 2011