Visteon Q3 Profit Increases; Lifts FY13 Outlook - Quick Facts

(RTTNews) - Visteon Corp. (VC), an automotive supplier, said that its third-quarter 2013 net income attributable to the company increased to $43 million or $0.85 per share from $15 million or $0.28 per share in the third quarter of 2012.

Adjusted net income for the quarter was $59 million or $1.17 per share, up from $18 million or $0.33 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share. Analysts' estimates typically exclude special items.

Third-quarter adjusted EBITDA, a non-GAAP financial measure, was $160 million, increasing from $134 million in the same period last year.

Quarterly sales were $1.73 billion, up from $1.62 billion last year. Four analysts estimated revenues of $1.78 billion for the quarter.

"We sustained strong performance in the third quarter and continue to benefit from the momentum of our value-creating strategic plan…..Fueled by strong technology, we achieved year-over-year improvement in our core climate and electronics businesses," said Tim Leuliette, president and CEO.

The company said it increased its full-year 2013 guidance for adjusted EBITDA, adjusted free cash flow and adjusted earnings per share. The company projects 2013 sales of $7.4 billion, adjusted EBITDA in the range of $680 million to $700 million, adjusted free cash flow in the range of $145 million to $185 million, and adjusted earnings per share in the range of $5.00 to $6.26. The company said in August that it expected sales to be $7.3 billion to $7.5 billion and adjusted EBITDA in the range of $660 million to $690 million.

Street currently is looking for full-year 2013 earnings of $6.17 per share on annual revenues of $7.43 billion.