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Visteon Q3 profit climbs 23.0% YOY

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Visteon Q3 profit climbs 23.0% YOY

Visteon Corp. said its normalized net income for the third quarter came to 74 cents per share, compared with the S&P Capital IQ consensus estimate of 76 cents per share.

EPS rose 48.1% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $25.4 million, an increase of 23.0% from $20.6 million in the year-earlier period.

The normalized profit margin rose to 3.3% from 2.6% in the year-earlier period.

Total revenue fell on an annual basis to $770.0 million from $808.0 million, and total operating expenses fell 5.8% on an annual basis to $718.0 million from $762.0 million.

Reported net income rose 33.4% from the prior-year period to $21.0 million, or 61 cents per share, from $15.7 million, or 38 cents per share.