Delphi Technologies – the former powertrain systems business of Delphi Automotive – has reported positive first quarter results and raised its forecasts for the current year.
Revenue is now expected to be in the range of US$5.0 – US$5.2 billion, up US$100 million from the company's prior outlook range. Adjusted operating income margin is now expected to be in the range of 12.3% – 12.5%, up 10 basis points from the company's prior outlook range.
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Excluding special items, the company said first quarter earnings totalled US$1.30 per diluted share. The company also reported revenue of US$1.3 billion for the quarter, an increase of 5% compared to the respective equivalent prior period, on an adjusted basis.
Delphi Technologies was created at the end of last year (the non-powertrain parts of the business formed Aptiv) so the the historical financial information is derived from the former parent's accounting records and presented on a 'carve-out' basis as if Delphi Technologies had operated as a stand-alone company.
"Delphi Technologies had a strong start to 2018. We delivered 5% revenue growth, underlying margin expansion and have raised our full year outlook. We continue to have robust bookings momentum in key technologies that will support our long-term growth. Led by our industry leading portfolio, focused on solving our customers most complex propulsion challenges, we saw $3 billion of bookings in Q1," said Liam Butterworth, President and Chief Executive Officer for Delphi Technologies. "In our first full quarter as a public company, we also made strong operational progress. Our teams remain highly focused on disciplined execution and pioneering innovation across the range of propulsion technologies in order to consistently deliver value to our customers and shareholders."
The company reported first quarter 2018 revenue of US$1.3 billion, an increase of 11% from the prior year period. Adjusted for currency exchange and certain aftermarket original equipment service revenue retained by the former parent, revenue increased by 5% during the period. This reflects growth of 4% in Powertrain Systems and 1% in Delphi Technologies Aftermarket. It also reflects growth of 11% in Asia, 6% in North America, 6% in South America and relatively flat performance in Europe.
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By GlobalDataThe company reported first quarter 2018 US GAAP net income of US$98 million and net income of US$1.10 per diluted share, compared to US$103 million and US$1.16 per diluted share in the prior year period. First quarter Adjusted Net Income, a non-GAAP financial measure defined below, totalled US$116 million, or US$1.30 per diluted share, which compares to Adjusted Net Income in the prior year period of US$116 million, or US$1.31 per diluted share.
