A first-quarter net profit greeted electronics supplier Visteon Corp. in 2013, thanks to its increased presence in Asia and North America. The restructured supplier posted a net income of $69 million, or $1.33 per share, in the first quarter of 2013, in contrast to a loss of $29 million, or 56 cents per share, in the same period in 2012.
The company also posted an 8-percent jump in revenues, half of which were recorded in Asia, to $1.86 billion. Visteon exceeded an average estimate of $1.08 per share in profit on $1.74 billion in revenues by analysts surveyed by Thomson Reuters. Higher demand for vehicles in Asia and North America in the first quarter meant higher revenues for Visteon, as its customer seek more of its electronic products.
South Korean carmaker Kia Motors, which is Visteon's largest customer, posted an almost 9-percent hike in sales in April. Ford Motor Co., Visteon's second-largest customer, logged better-than-expected results in April and posted higher sales in North America. Kia and Ford together accounted for over 60 percent of Visteon's revenues in the first quarter of 2013. In 2011, Visteon made $8.05 billion in revenues, of which Europe accounted for 36 percent.