UPDATE 1-Visteon posts stronger-than-expected profit, raises outlook
DETROIT, Aug 8 (Reuters) - Automotive parts supplier Visteon Corp on Thursday posted a stronger-than-expected quarterly profit and raised its full-year forecast, citing improving business conditions.
Chief Executive Officer Tim Leuliette pointed to stronger operating earnings in all of the company's regions, including Europe, where he said the overall economy remains weak.
Net income fell 13 percent to $65 million, or $1.29 a share, in the second quarter from $75 million, or $1.40 a share, a year earlier.
Excluding one-time items, the company earned $1.41 a share, far above the $1.06 analysts polled by Thomson Reuters I/B/E/S had expected.
Sales rose almost 12 percent to $1.89 billion, just above the $1.88 billion analysts had expected.
Hyundai -Kia accounted for about one-third of sales in the quarter, and Ford Motor Co, Visteon's former owner, accounted for 31 percent.
Asia accounted for 43 percent of sales; Europe, 31 percent; and North America, 20 percent.
Visteon now expects earnings before interest, taxes, depreciation and amortization, excluding special items, to finish the year at $660 million to $690 million. It previously had forecast a range of $620 million to $660 million.
The company did not provide an updated forecast for full-year earnings per share.
In May, Visteon reported a stronger-than-expected first-quarter profit and increased its full-year earnings forecast to a range of $4.04 to $4.52 a share. It had previously expected $3.65 to $4.44.
On Thursday, Visteon said it still expected revenue of $7.3 billion to $7.5 billion for the year. Analysts expect $7.45 billion.
The company raised its forecast for free cash flow to a range of $135 million to $170 million before special items, from its prior outlook of $100 million to $150 million.