DETROIT (Reuters) -- Visteon Corp., the restructured electronics and climate controls supplier, reported major gains in first-quarter profits and revenue on higher vehicle production in Asia and North America.
Visteon increased its presence in Asia and North America, where the automotive market has rebounded since nearing the brink of collapse in 2009.
The company, in a report today, said it recorded a net income of $69 million, or $1.33 per share, compared with a loss of $29 million, or 56 cents per share, a year ago.
Revenue, almost half of which comes from Asia, rose 8 percent to $1.86 billion.
Analysts on average expected a profit of $1.08 per share on revenue of $1.74 billion, according to Thomson Reuters.
South Korea-based Kia Motors, Visteon's largest customer, reported a nearly 9 percent increase in April auto sales earlier this month.
Ford Motor Co., Visteon's second-largest customer and former owner, reported better-than-expected results in April as the car maker took steps to fix its European operations and reported higher sales in North America.
Hyundai-affiliated Kia and Ford together accounted for more than 60 percent of Visteon's first-quarter revenue.
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