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Visteon second-quarter earnings up

Goldman Sachs raised its second-quarter earnings estimate 10 cents to 45 cents a share for Visteon Corp. on 10 July, but also lowered its third-quarter and full-year estimates by 15 cents to 5 cents a…

Goldman Sachs raised its second-quarter earnings estimate 10 cents to 45 cents a share for Visteon Corp. on 10 July, but also lowered its third-quarter and full-year estimates by 15 cents to 5 cents a share for the auto parts maker. Visteon“s third-quarter earnings estimate was lowered because Ford Motor Co. will likely seek price cuts from the parts maker in the second half of the year to offset lost market share and costs from its voluntary recall of Firestone tyres. Ford, which spun off Visteon last year, is Visteon“s largest customer. The estimate increase in the second quarter and the reduction in the second half of the year will lower Goldman“s estimate for the full year by 9 cents to US$ 1.06 a share, Lapidus said. Analysts surveyed by Thomson Financial/First Call expect Visteon to earn 35 cents a share in the second quarter, 25 cents a share in the third quarter and US$ 1.25 a share for the full year. Visteon has maintained earnings guidance of 46 cents to 62 cents a share for the second quarter, Lapidus said. The Dearborn, Mich., supplier is expected to report its second-quarter results on July 20. Visteon shares closed Tuesday down 18 cents, or 1%, at US$ 18.72 on volume of 1.2 million, compared with average daily volume of 621,900.

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