said it was raising its second-quarter and full-year earnings guidance.
The automotive parts supplier said it now expects second-quarter net income between $60 million and $70 million, compared with previous projections of $20 million to $40 million. In the year-ago quarter, the company earned $60 million. The current consensus analyst estimate is for about $40 million.
The company also raised its full-year earnings outlook, saying it expects net income of $25 million to $75 million, excluding items, up from previous guidance of break-even results. A year ago, the company earned $3 million, and analysts are currently forecasting full-year 2002 earnings of about $30 million.
Visteon also said it expects to generate positive cash flow for both the second quarter and the full year.
Shares of Visteon closed at $15.72 Monday before the revised outlook.