Delphi Automotive has reported full year net income up 16.1% to US$1.1bn, while Q4 2011 revenue was US$3.9bn, an increase of 6.8%, with fourth quarter net income of US$290m.
“Our ability to generate strong financial performance in the fourth quarter and for
the full year is a result of our focus on execution and providing market-relevant
technologies to the world’s leading automakers,” said president and CEO Rodney O’Neal.
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“Our robust business model, and cost structure position us to provide continued returns to our stakeholders.”
The increase in revenue primarily reflects strong growth in Europe and Asia driven by customer and product mix, as well as the benefits of higher global vehicle production compared to the prior year period.
Fourth quarter net income totalled US$290m, compared to net income of US$75m. Fourth quarter EBITDA earnings was US$530m, compared to US$223m reported in the prior year period, an increase of US$307m.
The improvement in EBITDA reflects the contribution margin from increased revenue, said Delphi, operational improvements resulting from cost reduction initiatives, an US$89m reduction in restructuring charges, and the effect of a US$75m commercial settlement incurred in 2010.
The company reported 2011 revenue of US$16bn, an increase of 16.1% compared to 2010. Full year 2011 net income totalled US$1.1bn, compared to net income of US$631m.
Full year 2011 EBITDA was US$2.1bn, an increase of US$758m compared to US$1.4bn reported in 2010.
EBITDA margin for the full year 2011 was 13.2%, compared to 9.9% in 2010.
