Delphi Automotive has reported first quarter 2013 revenues of US$4bn, a decrease of 1.7% from the previous year as a result of continued weak business conditions in Europe, partially offset by the acquisition of the Motorised Vehicles Division from FCI Group.
Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue decreased by 6% in the first quarter.
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The company posted first quarter US GAAP net income of US$276m and earnings of US$0.88 per diluted share, compared to US$342m and US$1.04 per diluted share in the prior year period.
The supplier also reported adjusted first quarter earnings of US$336m compared to adjusted earnings of US$346m in the same period last year.
“Despite continued weakness in Europe, our cost structure as well as our diverse mix of regional and customer revenues allowed us to deliver solid first quarter financial results, grow earnings per share and increase shareholder value,” said Delphi CEO and president, Rodney O’Neal.
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