Visteon 2Q net income falls

VAN BUREN TOWNSHIP, Mich. (AP) -- Shares of Visteon Corp. rose last Thursday after the auto parts supplier posted second-quarter net income that fell 13 percent, but soundly beat Wall Street predictions.

The Van Buren Township, Mich.-based company earned $65 million, or $1.29 per share, down from $75 million, or $1.40 per share, in the 2012 second quarter.

Analysts, on average, expected a profit of $1.06 per share, according to FactSet.

Revenue rose 12 percent to $1.89 billion, from $1.69 billion last year, as sales at the company's climate and electronics businesses rose, but were partially offset by a drop at the company's interiors business.

For the recent quarter, the company recognized $42 million of equity related to the profits of companies it holds stakes in, down from $103 million in the second quarter of 2012.

Visteon backed its previous full-year revenue of between $7.3 billion and $7.5 billion. Analysts expect $7.45 billion. The company expects adjusted full-year earnings per share between $4.83 and $6.11, while Wall Street is forecasting $4.50 per share, on average.

Visteon shares gained $2.50, or 3.9 percent, to $67.37 in afternoon trading. Earlier in the session, shares touched $67.52, just short of the stock's 52-week high of $67.58.

Published: Mon, Aug 12, 2013