Delphi Automotive Q4 Results Beat Estimates; But Sees Q1 Below View

(RTTNews) - Delphi Automotive Plc. (DLPH), a global vehicle components manufacturer, reported fourth quarter net income attributable to the company of $298 million or $0.97 per share, up from $136 million or $0.43 per share in the prior year quarter.

Fourth quarter net income, excluding special items consisting of restructuring-related charges, asset impairments, acquisition-related integration and transaction costs, and losses on extinguishment of debt, totaled $345 million, or $1.12 per share, which includes the unfavorable impact of an increased effective tax rate as well as the favorable impact of a reduced share count. Adjusted Net Income in the prior year period was $287 million, or $0.90 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue was $4.18 billion, an increase of about 11% from $3.77 billion reflecting continued strong growth in Asia and North America. Fourteen analysts estimated revenues of $4.08 billion for the quarter. 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.

For the first-quarter, the company projects adjusted earnings per share to be in the range of $1.04 - $1.08, on revenue of $4.20 billion - $4.30 billion. Analysts expect the company to report earnings of $1.19 per share and revenues of $4.36 billion for the first-quarter.

Looking ahead for fiscal 2014, the company expects adjusted earnings per share to be in the range of $4.70 - $4.95, and revenue of $17.20 billion - $17.60 billion. Street currently is looking for fiscal year 2014 earnings of $4.90 per share on annual revenues of $17.46 billion. Full year 2014 mid-point earnings per share guidance represents 10% growth year-over-year, and assumes global vehicle production increases of 3%.