DETROIT, May 7 (Reuters) - Auto parts maker Visteon Corp on Thursday posted a higher quarterly profit due to strong demand in its cockpit electronics business.
The company also raised its full-year outlook for operating earnings while cutting its sales outlook, saying the changes reflected improved performance partly offset by unfavorable currency rates.
Net income in the first quarter rose to $50 million, or $1.10 a share, compared with $19 million, or 38 cents a share, a year earlier. Excluding restructuring and other transaction costs, Visteon earned $2.04 a share.
Sales in the quarter rose 18 percent from last year to $2.03 billion.
Visteon previously announced the sale of its stake of about 70 percent in Halla Visteon Climate Control Corp to an affiliate of South Korean private equity firm Hahn & Co and Hankook Tire Co Ltd. It expects that deal to close by the end of the second quarter. (Reporting by Ben Klayman in Detroit; Editing by Chizu Nomiyama)