Delphi has unveiled first quarter revenue up 9% to US$4.3bn, adjusted for currency exchange, commodity movements, acquisitions and divestitures, while US GAAP net income was US$335m.
“Our first quarter results reflect a great start to the year, building on the momentum we saw in 2016 with another quarter of strong growth, margins and cash flow,” said Delphi president and CEO, Kevin Clark.
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“Today also marks a major milestone in the evolution of our company as we announced plans to spin-off our Powertrain segment, creating two independent companies, each well-positioned to meet the rapidly changing needs of our customers and deliver value to all of our stakeholders.”
The company reported first quarter 2017 revenue of $4.3bn, an increase of 6% from the prior year period, reflecting volume growth in all regions. Adjusted for currency exchange, commodity movements and the divestiture of the Company’s Mechatronics businesses, revenue increased by 9% in the first quarter.
This reflects growth of 7% in North America, 10% in Europe, 10% in Asia and 16% in South America.
The company generated net cash flow from operating activities of $290m in the first quarter, compared to $268m in the prior year period.
As of 31 March, 2017, the Company had cash and cash equivalents of $0.5bn and total debt of $4bn.
During the first quarter of 2017, the company repurchased 2.56m shares for approximately $193m under its existing authorised share repurchase programme, leaving approximately $1.2bn available for future share repurchases.
All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.
