Delphi Automotive 1Q earnings beat Street view

Delphi Automotive 1Q profit and revenue top analysts' estimates, raises 2013 forecast

Associated Press

NEW YORK (AP) -- Delphi Automotive said Wednesday that first-quarter net income fell 19 percent as the auto supplier dealt with charges and weaker sales in North America and Europe.

Adjusted results and revenue topped analysts' estimates. The company also raised its 2013 adjusted earnings and revenue forecasts.

For the three months ended March 31, Delphi made $276 million, or 88 cents per share. A year ago the company earned $342 million, or $1.04 per share.

Excluding restructuring charges, acquisition-related costs and other one-time items, earnings were $1.07 per share.

Revenue dipped 2 percent to $4.02 billion from $4.09 billion.

Analysts surveyed by FactSet expected adjusted profit of 97 cents per share on revenue of $4 billion.

Sales dropped 17 percent in Europe and 2 percent in North America. Asia sales rose by 8 percent and South American sales increased by 7 percent.

The U.K.-based company now anticipates full-year adjusted earnings of $4.15 to $4.41 per share, up from a previous out look of $4.12 to $4.38 per share. Delphi kept its revenue forecast of $16.2 billion to $16.6 billion.

Analysts expect 2013 earnings of $4.24 per share on revenue of $16.38 billion.

For the second quarter, Delphi Automotive PLC foresees adjusted earnings of $1.05 to $1.15 per share on revenue of $4.15 billion to $4.25 billion.

Wall Street estimates $1.11 per share on revenue of $4.18 billion.

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