Visteon Corp. (VSTNQ.PK) Posts 43% Sales Increase in Q1 Financial Results

For the first quarter of 2010, Visteon reported total sales at $1.9 billion, including product sales of $1.85 billion and services revenue of $58 million, a 43-percent increase over last year’s first quarter. The company attributes the increase to higher production and new business wins, increased regional sales, as well as a boost from foreign currency.

Gross margin for the first quarter was $418 million compared with $45 million a year earlier.

Visteon reported net income for the first quarter of 2010 at $233 million, or $1.79 per share, compared to net income of $2 million, or 2 cents per share, in the same period a year ago.

Adjusted EBITDA for the first quarter was $161 million, compared with $22 million for the same period a year ago.

Donald J. Stebbins, chairman, CEO and president of Visteon, said combined influences gave a boost to first-quarter numbers and that the company remains optimistic it can continue to increase its customer and vehicle program base.

“Increased global vehicle production, combined with our ongoing operational improvements and cost-reduction efforts, drove our year-over-year financial improvement,” Stebbins stated in the press release. “We benefited from aggressive actions taken over the past year to keep our cost structure in line with significantly reduced global volumes. Although in the near term we remain concerned about European production volumes, we’re confident that our worldwide engineering and manufacturing footprint positions Visteon to support new global vehicle programs and grow with our customers around the world.”