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Visteon posts 11% rise in Q2 revenue, raises profit forecast

UPDATED: 8/6/14 8:27 am ET -- adds details

DETROIT (Reuters) -- Auto parts maker Visteon Corp. reported an 11 percent rise in quarterly revenue and raised its full-year profit forecast as higher vehicle production boosts sales of air conditioning and electronics products.

The company, however, posted a loss for the second quarter ended June 30 because of charges related to the sale of most of its interiors business, which accounted for about 17 percent of annual revenue in 2013.

The company raised its full-year earnings forecast to $2.98-$3.62 per share from $2.21-$3.09.

Revenue in the climate control business rose 7 percent to $1.33 billion in the second quarter, accounting for three-quarters of total revenue.

The unit makes heating, ventilation, air conditioning and powertrain cooling systems.

Total sales rose to $1.78 billion from $1.61 billion a year earlier.

Net loss attributable to Visteon was $155 million, or $3.35 per share, compared with a profit of $65 million, or $1.29 per share. The loss includes an impairment loss on assets held for sale and other items.

Excluding the impact of discontinued operations, the company earned $1.75 per share.

Visteon is ranked No. 31 on the Automotive News list of top North American suppliers, with $7.44 billion in sales in 2013.

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