DETROIT -- Visteon Corp. got its fourth-quarter net earnings into the black courtesy of a $1.83 billion gain recognizing the return of plants and other operations to Ford Motor Co.
Operating income disappointed analysts, however. Visteon, which makes auto interiors and electronics, posted a loss, before income taxes and excluding restructuring gains, of $102 million. Merrill Lynch was expecting a breakeven performance.
With the gain from the sale of the plants back to Ford, Visteon posted net income in the fourth quarter of $1.34 billion, compared with a net loss of $138 million in the year-earlier quarter. The sale of the plants to Ford, completed last year, reduces Visteon's annual sales by about $6.1 billion.
Visteon, of Van Buren Township, Mich., expects to show improved earnings and cash flow this year.
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