Component Manufacturers See Mixed 3Q Profits

Truck and automobile parts maker Visteon Corp. reported its third-quarter net income dropped and announced a $100 million restructuring, while Commercial Vehicle Group also provided a quarterly profit.

Visteon reported a $15 million third-quarter profit, or 28 cents a share, compared with a profit of $41 million, or 79 cents, a year earlier.

The restructuring plan will address underperforming facilities and reduce costs. Year-to-date, the company has reduced costs by 7% from 2011, Visteon said.

Sales fell to $1.62 billion from $1.90 billion. Visteon said it expects its full-year sales to be about $6.8 billion, in line with its previous outlook.

Commercial Vehicle Group, meanwhile, reported its third-quarter net income jumped to $30.5 million, or $1.07 per share, from $7.4 million, or 26 cents, a year ago, on an income tax benefit.

Revenue fell 5.6% to $204.8 million, the component maker said.