Visteon posts $69 million net profit in first quarter 2013

Article by Anita Panait, on May 11, 2013

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.

Topics: visteon, profit

If you liked the article, share on:

Comments

Recommended

Is there anything more exciting than a spoiler? Well, for those who didn't know, there are those who have already seen the Mercedes-AMG Project One (in the flesh) way before...
by - April 25, 2017
Does the Honda Passport ring a bell to you? This was the first ever SUV that was sold by the Japanese automaker, but it was not that successful compared with...
by - April 25, 2017
Wagon buyers who prefer their vehicle to be luxurious, you will have an entirely brand new selection at the latter part of this year. Porsche will start rolling out 4...
by - April 25, 2017
McLaren rejects the idea of creating anything other than a sports car. That means that vehicles that would be ideal for families such as an SUV or a crossover are...
by - April 25, 2017
The new and improved Opel Grandland X is out, and this large SUV is something the European market did not know they would need. Now measuring at 14.7 feet (4.48...
by - April 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries