General Motors (GM) former subsidiary, parts supplier Delphi Automotive (DLPH) Tuesday reported earnings, first quarter net profit up 18%, thanks to cost control and improved efficiency.
The company’s net profit for the quarter increased from US$291 million, or 42 cents per share, to US$342 million, or US$1.04 per share, for the same period last year.
The number of outstanding shares of the company decreased by more than half compared with the same period of last year. This is the reason that the number of earnings per share has multiplied.
Revenue rose by 2.4% from $4 billion in the same period last year to $4.09 billion.
Analysts surveyed by FactSet on average expected the company’s quarterly earnings per share of 96 cents and revenue of US$4.14 billion.
Delphi said that after removing the impact of exchange rate fluctuations and changes in commodity prices, its Asian revenue growth was 12%, North American revenue growth was 6%, and European revenue growth was 4%.
The company expects second-quarter earnings of 87-99 cents per share and revenue of 4.03 billion to 4.1 billion US dollars. Analysts on average expected the company's second quarter earnings per share of 98 cents, revenue of 4.35 billion US dollars.
Delphi also raised its 2012 full-year earnings forecast from 3.44-3.69 USD to 3.63-3.85 USD, and reiterated its full-year revenue forecast of 16.2 billion-16.5 billion USD. Analysts on average expected the company's annual earnings per share of 3.69 US dollars, revenue of 16.58 billion US dollars.
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