Delphi Automotive PLC (DLPH) Wednesday reported lower profit for the first quarter reflecting decreased revenue amidst weak conditions in Europe. Adjusted earnings per share however were higher than the Street estimate. The company further raised full-year earnings view while maintaining the revenue forecast.
For the three months the firm reported net income attributable to company of $276 million, down from $342 million last year. On a per share basis earnings were $0.88 versus $1.04 for the year-earlier period.
Excluding special items of restructuring-related charges, acquisition-related integration costs and debt retirement charges, the firm posted earnings per share of $1.07 for the quarter. Fourteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.96 for the quarter. Analysts estimates typically exclude one-time items.
Net sales for the period witnessed a decline to $4.024 billion from $4.092 billion last year. Analysts were looking for revenue of $4 billion for the quarter.
Looking forward, the firm said it now sees full year adjusted earnings per share of $4.15 to $4.41, higher than its prior view of $4.12 to $4.38, while the revenue outlook has been reiterated at $16.2 billion to $16.6 billion. Analysts are currently looking for earnings per share of $4.23 on revenue of $16.34 billion for the full-year.
For the second quarter the company anticipates adjusted earnings per share of $1.05 to $1.15 on revenue of $4.15 billion to $4.25 billion. Currently the Street is looking for earnings per share of $1.11 on revenue of $4.18 billion.
For comments and feedback: editorial@rttnews.com