Delphi beat analyst expectations to post first quarter earnings up 4% to US$1.21 per diluted share. However, it said that first quarter revenues declined 2.6% to US$3.80bn due to unfavourable currency impacts.
Negative currency effects offset continued volume growth in Asia and North America. Adjusted for the impacts of currency exchange and commodity movements, Delphi said revenue increased by 6% in the first quarter. This reflects growth of 15% in Asia, 7% in North America and 2% in Europe, partially offset by a decline of 16% in South America.
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“Delphi’s strong financial results demonstrate that the disciplined execution of our strategy is resulting in solid operating growth,” said Kevin Clark, president and chief executive officer.
“Additionally, the sale of our Thermal Division has unlocked value for our shareholders and will help fuel a focused, high-growth product portfolio that capitalizes on industry trends in safe, green and connected content going forward.”
Delphi posted first quarter Adjusted Operating Income of US$472m, up 2%.
