Delphi Automotive (NYSE: DLPH), a leading global vehicle components manufacturer providing electrical and electronic, powertrain, safety and thermal technology solutions to the global automotive and commercial vehicle markets, today reported fourth quarter 2011 revenues of $3.9 billion, an increase of 6.8% over the prior year period, and fourth quarter net income of $290 million, an increase of $215 million over the prior year period.
“Our ability to generate strong financial performance in the fourth quarter and for the full year is a result of our focus on flawless execution and providing market-relevant technologies to the world’s leading automakers,” said Rodney O’Neal, president and chief executive officer. “Our robust business model, operational excellence and industry-leading cost structure position us to provide continued superior returns to our stakeholders.”
Fourth Quarter 2011 Results
The Company reported fourth quarter 2011 revenue of $3.9 billion, an increase of 6.8% over the fourth quarter of 2010. The increase in revenue primarily reflects strong growth in Europe and Asia driven by customer and product mix, as well as the benefits of higher global vehicle production compared to the prior year period.Fourth quarter net income totaled $290 million, or $0.88 per diluted share, compared to net income of $75 million, or $0.11 per diluted share, in the prior year period (refer to footnote 2 for determination of weighted average shares outstanding and earnings per share calculations). Fourth quarter earnings before depreciation and amortization, interest expense, other income/expense, income tax expense, and equity income (“EBITDA”) was $530 million, compared to $223 million reported in the prior year period, an increase of $307 million. EBITDA margin was 13.6% in the fourth quarter of 2011, compared to 6.1% in the prior year period. The improvement in EBITDA reflects the contribution margin from increased revenue, operational improvements resulting from cost reduction initiatives, an $89 million reduction in restructuring charges, and the effect of a $75 million commercial settlement that was incurred in 2010.