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Delphi's 3Q profit up slightly, but trims forecast

The Associated Press

NEWS: Delphi Automotive PLC said Tuesday that third-quarter profit rose less than 1 percent, but the supplier to auto makers cut its forecast for the year and sales slid.

DETAILS: Sales dropped in Europe, but Delphi said that the car market there seems to be stabilizing. The company was helped by growth in Asia and North America.

NUMBERS: Net income came to $271 million, or 87 cents per share, in the three months through Sept. 30. The company said that excluding restructuring and acquisition costs, it would have earned 97 cents per share.

Revenue rose 10 percent, to $4.02 billion from $3.66 billion.

Analysts surveyed by FactSet expected 94 cents per share on revenue of $4.03 billion.

Operating expenses also rose 10 percent.

FUTURE: Delphi now sees 2013 revenue of $16.3 billion to $16.4 billion, with the top end coming down from a previous $16.5 billion.

The company also narrowed its per-share earnings forecast for the year to $4.25 to $4.35 from an earlier prediction of $4.22 to $4.45.

The new guidance is below analysts' prediction for earnings of $4.41 per share on revenue of $16.48 billion.

STOCK: Down $3.44, or 5.9 percent, to $54.56 in morning trading. They had gained 52 percent this year.