DETROIT -- Visteon Corp. on Wednesday reported a smaller loss for the third quarter compared with last year and said its reorganization plan is on track. The companys stock rose more 10 percent in morning trading.
In a statement, CEO Michael Johnston attributed the improvement to Visteons ongoing restructuring plan.
Our third quarter results show the fundamental improvement we have achieved across our business, Johnston said.
We are making progress in every aspect of our improvement plan by implementing our restructuring actions as planned and continuing to improve and grow our operations to position Visteon for long-term success.
For the quarter that ended Sept. 30, Visteon reported a net loss of $109 million on revenue of $2.41 billion. For the same period last year, the company reported a loss of $177 million on revenue of $2.45 billion.
Visteons stock rose Wednesday morning to $6.48 a share from its close Tuesday of $5.86.
Robert W. Baird & Co. analyst David Leiker said Visteons third-quarter results were better than he expected. However, Leiker said his neutral rating on the company would not change until he sees further improvement and evidence of a sustained turnaround.
Visteon said it has completed 17 of the 30 previously identified restructuring activities under its three-year improvement plan and has announced three additional actions.
For the first nine months of the year, Visteon reported a net loss of $329 million on revenue of $8 billion. For the same period last year, the company reported a loss of $124 million on revenue of $8.03 billion.
Visteon, based in suburban Detroit, makes a variety of automotive parts including vehicle interiors, climate controls and electronics.
Visteon ranks No. 13 on the Automotive News list of the top 100 global suppliers with estimated worldwide original-equipment automotive parts sales of $10.87 billion in 2006.