Delphi said second quarter earnings per share increased 15% year on year to US$1.01. Year to date EPS increased 78% to $2.05.
Reuters noted that analysts had expected earnings of 91 cents per share.
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The Tier One supplier booked record second quarter EBITDA and EBITDA margin of $581m and 14.5%, compared with $544m and 12.9% in Q2 2011. Year to date EBITDA and EBITDA margin of $1.2bn and 14.3%, compared with $1.1bn and 13.1% for the first six months of 2011.
Delphi confirmed full year 2012 EBITDA guidance of $2.175bn to $2.250bn, representing improved margin outlook, and increased full year 2012 earnings per share guidance to $3.68 to $3.91.
Record second quarter 2012 revenues slipped 5.1% year on year to $4bn, the result of significant weakening of the euro and Brazilian real, according to Delphi.
Second quarter net income of $330m and diluted earnings per share of $1.01 compared to $298m and $0.88 the previous year.
“Delphi’s solid second quarter financial results reflect the balance of our geographic diversity and the benefits of our lean and flexible cost structure,” said CEO and president Rodney O’Neal. “We remain confident that even in this challenging macro-environment, we are well positioned to generate significant cash flow and increase profitability.”
In a note to investors cited by Reuters, JPMorgan said the company’s margin gains are “years ahead of schedule,” noting Delphi previously had targeted a pre-tax margin of 15% by 2015.
