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Visteon profit misses consensus by 15.1% in Q1

Visteon Corp. said its normalized net income for the first quarter amounted to $1.10 per share, compared with the S&P Capital IQ consensus estimate of $1.29 per share.

The per-share result swung to a profit from the prior-year loss of 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $50.0 million, compared with a loss of $15.9 million in the prior-year period.

The normalized profit margin climbed to 1.0% from negative 3.2% in the year-earlier period.

Total revenue increased year over year to $2.03 billion from $500.0 million, and total operating expenses climbed on an annual basis to $1.91 billion from $473.0 million.

Reported net income totaled $72.8 million, or $1.60 per share, compared to a loss of $28.3 million, or a loss of 59 cents per share, in the year-earlier period.