Delphi has posted a US$1.1bn profit for 2012 despite a slump in the fourth quarter caused by restructuring costs. The company has also forecast an increase in 2013 results.
The company reported 2012 revenue of US$15.5bn, essentially flat compared to 2011, adjusting for currency exchange, commodity movements, acquisitions and divestitures, and reflects growth of 11% in Asia and 6% in North America, partially offset by a 6% decline in Europe and South America, respectively.
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Delphi reported full-year 2012 US GAAP net income of US$1.1bn and earnings of US$3.33 per diluted share, compared to US$1.1bn or US$2.72 per diluted share in the prior year.
The fourth quarter saw a decline to revenues and income. Fourth quarter 2012 revenues were US$3.8bn, a decrease of 3.4% from the prior year period, the result of further reductions in European production and continued weakness of the Euro and Brazilian Real, partially offset by increases as a result of acquisitions.
The company reported fourth quarter US GAAP net income of US$136m and earnings of US$0.43 per diluted share, compared to US$290m and US$0.88 per diluted share in the prior year period. Delphi said that the result included special items consisting of restructuring-related charges and acquisition-related costs. Excluding these special items, the company reported adjusted fourth quarter earnings of US$287m, or US$0.90 per diluted share, compared to adjusted earnings of US$299m, or US$0.91 per diluted share in the prior year period.
“Delphi’s fourth quarter financial results reflect the continued high level of execution, particularly in the face of a challenging environment in Europe,” said Rodney O’Neal, chief executive officer and president. “As expected, European vehicle production levels continued to be weak, and as previously announced, we initiated significant restructuring actions, primarily in Europe, that we believe will provide future benefits. Maintaining and improving our lean operating structure is of paramount importance to us, and we believe better positions Delphi to provide strong results for our shareholders.”
Delphi said that full year 2013 mid-point earnings per share guidance represents 11% growth year-over-year and assumes global vehicle production increases of 1% and European declines of 4% in 2013.
