Visteon Q1 Profit Misses View ; Backs FY14 Outlook

(RTTNews) - Visteon Corp.(VC) Thursday reported lower earnings for the first quarter of 2014, impacted by the absence of income tax benefits, it had received in the prior-year quarter. The company's net earnings for the quarter plunged to $19 million or $0.38 per share from $69 million or $1.33 per share last year. On an adjusted basis, earnings were $0.63 per share. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.67 for the quarter. Analysts' estimates typically exclude one-time items. Net sales for the quarter rose to Sales $1.98 billion from last year's $1.85 billion.Analysts estimated revenues of $1.99 billion for the quarter. Viston further backed its full-year guidance for 2014. The firm continues to expect adjusted earnings per share in the range of $2.21- $3.09 on sales of $7.8 billion. Analyst project full-year earnings of $3.24 per share on revenues of $8.00 billion.