Visteon Q1 revenue up 7% as vehicle demand rises
DETROIT (Reuters) -- Visteon Corp. reported a 7 percent rise in first-quarter revenue as higher vehicle production boosted sales of its climate control products.
U.S. auto parts makers are benefiting from the rise in global demand for vehicles. Last month, seat maker Lear Corp. said global vehicle production rose 5 percent in the first three months of the year.
Visteon did not give its own estimate today, but said higher production, particularly in Asia Pacific and Europe, boosted sales of its climate control products in the first quarter ended March 31.
Climate control products include heating, ventilation, air conditioning and powertrain cooling systems and the business accounted for more than two-thirds of Visteon's total revenue in the quarter.
Revenue in the business rose $40 million to $1.3 billion in the quarter. Total sales rose to $1.98 billion from $1.86 billion a year earlier.
Net income attributable to Visteon fell to $19 million, or 38 cents per share, from $69 million, or $1.33 per share. The results a year earlier included a $54 million tax benefit.
Excluding items, the company earned 63 cents per share.
Visteon's shares closed at $89.40 on the New York Stock Exchange on Wednesday. They have gained about 48 percent in the past year, outstripping the 26 percent rise in the Dow Jones U.S. Automobiles & Parts index.
Visteon is ranked No. 32 in the Automotive News list of the top 100 global suppliers, with retail sales of $6.86 billion in 2012.Contact Automotive News