Visteon Slips To Loss In Q2; But Raises Annual Earnings Outlook - Quick Facts

(RTTNews) - Autoparts supplier Visteon Corp. (VC) Wednesday reported loss for the second quarter, compared with a profit last year, as impairment losses, lower equity in earnings of non-consolidated affiliates and debt extinguisher charges eclipsed revenue growth. The company, however, raised its annual earnings outlook.

For the three months to June, net loss totaled $155 million or $3.31 per share, compared with a profit of $65 million or $1.29 per share a year earlier.

The lower equity in earnings of non-consolidated affiliates was due to the sale of 50 percent stake in Yanfeng Automotive last year.

Excluding certain items, the company reported a profit of $81 million or $1.75 per share, compared with a loss of $71 million or $1.41 per share reported a year ago.

On average, four analysts polled by Thomson-Reuters estimated the company's earnings to be $0.85 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA stood at $193 million, compared with $163 million a year earlier.

Quarterly sales increased to $1.78 billion from $1.61 billion in the same period last year. Analysts expected sales of $1.97 billion.

For the full-year, the company increased its adjusted earnings guidance to $2.98 to $3.62 per share, from the previously-projected range of $2.21 to $3.09.

The company, however, lowered its sales outlook to $7.6 billion from the $7.8 billion previously projected.

For 2015, Visteon provided a preliminary guidance for sales of $8.5 billion to $8.7 billion and adjusted EBITDA of $780 million to $820 million.

Analysts expect earnings of $3.22 per share on sales of $8.11 billion for 2014, and earnings of $4.85 per share on sales of $8.63 billion for 2015.