Delphi has reported fourth quarter net income of US$298m, over twice the level posted a year earlier.
Quarterly revenue was US$4.2bn, an increase of 11% on a year earlier. Delphi cited continued strong growth in Asia and North America. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue increased by 8% in the fourth quarter. This reflects growth of 14% in Asia, 9% in North America and 7% in Europe, partially offset by declines of 6% in South America.
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“Delphi’s fourth quarter financial results demonstrate the consistently high level of execution by Delphi’s team,” said Rodney O’Neal, chief executive officer and president. “In 2013, we were able to deliver exceptional value to both our global customers and our shareholders. Our strong performance provides significant momentum as we enter 2014.”
For full year 2013, Delphi reported revenue of US$16.5bn, an increase of 6% compared to 2012. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue increased by 1%. This reflects growth of 11% in Asia, 5% in North America and 2% in South America, partially offset by a 6% decline in Europe.
The company reported full year 2013 US GAAP net income of US$1.2bn and earnings of US$3.89 per diluted share, compared to US$1.1bn or US$3.33 per diluted share in the prior year. Full year 2013 Adjusted Net Income totalled US$1.4bn, or US$4.40 per diluted share.
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