Delphi Technologies has reported fourth quarter 2018 revenue down 9% to US$1.2bn.
Adjusted for currency exchange and certain aftermarket OE service revenue retained by the former parent, revenue decreased by 5% in the fourth quarter. Adjusted revenue reflects a decrease of 6% in Powertrain Systems and growth of 3% in Aftermarket.
On a regional basis, adjusted revenue also reflects a decrease of 26% in Asia Pacific, partially offset by growth of 6% in North America, 3% in Europe and 16% in South America.
For the full year 2018, Delphi Technologies reported revenue of US$4.9bn, flat compared to the prior year.
“2018 was a milestone year for Delphi Technologies,” said CEO, Richard Dauch. “In our first full year as a public company we continued to build on our momentum in key growth technologies, resulting in a record US$10bn of new business awards.
“Our industry leading portfolio of technologies are at the heart of the propulsion revolution that enable vehicles to drive cleaner, better and further. We also made great progress in creating a strong foundation as a stand-alone company from which to drive long-term growth.
“During my first two months as CEO, I have discovered while 2019 is expected to be another transitional year with slower industry growth, we have an even greater potential to make this good company a great one. However, we clearly need to execute better and with more urgency and discipline to ensure we continue to support our customers and deliver value to our shareholders.
“Over the coming months, I expect to have a fuller perspective on the actions we will take to drive our operational and financial performance to ensure we capture the long-term profitable growth ahead of us.”