Delphi Technologies has reported third-quarter revenue of US$1.2bn and US$3.7bn for the year-to-date period, a decrease of 1% and an increase of 2% compared to the respective equivalent prior period, on an adjusted basis.
“While we face a more challenging external environment, particularly in China, we delivered above market revenue growth in Q3 and remain in a strong position to unlock long term value,” said Delphi Technologies interim CEO, Hari Nair. “Our confidence is driven by an acceleration in momentum in key areas of our portfolio which strengthens our growth prospects.
“For example, our Power Electronics technology has seen adjusted revenue growth of approximately 50% in 2018. Moreover, with a record US$9bn of lifetime bookings in the first three quarters of the year, we have already exceeded our internal target for 2018 and we continue to make significant investments to support this growth.
“While we expect certain transitional headwinds to continue into 2019, we will further prioritise our investments in our technologies on the path to electrification and ultimately drive stronger long-term growth.”
Third quarter highlights:
- Revenue of $1.2bn, down 1% year-on-year
- US GAAP net income of $39m, diluted earnings per share of $0.44
- Excluding special items, earnings of $0.72 per diluted share
- US GAAP operating income of $81m, or 7.0% margin
- Adjusted operating income of $108m, or 9.3% margin
- $54m of cash from operating activities
- Share repurchases and quarterly dividend totaling $25m
- Revenue of $3.7bn, up 2% year-on-year
- US GAAP net income of $223 million, diluted earnings per share of US$2.51
- Excluding special items, earnings of $3.32 per diluted share
- US GAAP operating income of $341m, or 9.2% margin
- Adjusted operating income of $423m, or 11.5% margin
- $293m of cash from operating activities
- Share repurchases and dividends totalling $55m