Visteon Corp. climbed the most in more than two months after the auto-parts supplier said annual sales will be at the high end of its forecast, exceeding analysts’ estimates.
The shares rose (VC:US) 6.6 percent to $47.01 at 10:27 a.m. in New York, after gaining 11 percent for the biggest intraday increase since Aug. 13. They had fallen 12 percent this year through yesterday.
Visteon, spun off from Ford Motor Co. in 2000, said sales (VC:US) this year would be about $6.8 billion, after forecasting $6.6 billion to $6.8 billion on Aug. 2. The average of four estimates compiled by Bloomberg was $6.7 billion.
The Van Buren Township, Michigan-based company said it’s making progress on plans to sell its climate business to Halla Climate Control Corp. (018880) for cash, creating the Halla-Visteon Climate Group. Visteon also has said it will sell its interiors unit, seek to exit its 50 percent stake in Yanfeng Visteon Automotive Trim Systems Co. and consider options for its electronics business.
Chief Executive Officer Tim Leuliette was named to the post a month ago after serving as interim chief following the August ouster of Don Stebbins. Leuliette was among Visteon directors who favored revamping the company, which hasn’t been able to generate consistent profits under three previous CEOs.
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