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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 first quarter 2012 revenues of $4.1 billion, an increase of 2.4% over the prior year period. Adjusted for unfavorable currency and commodity impacts, revenue increased 4.7% in the first quarter. The Company reported first quarter net income of $342 million and diluted earnings per share of $1.04, compared to $291 million and $0.42 per diluted share in the prior year period.
“I’m really pleased with an outstanding first quarter. We achieved record EBITDA margins of 14.1 percent and above market growth,” said Rodney O’Neal, chief executive officer and president. “We have and will continue to build a robust pipeline of advanced technologies that will allow us to capitalize on our strengths in the safe, green and connected space.”
First Quarter 2012 Results
The Company reported first quarter 2012 revenue of $4.1 billion, an increase of 4.7% over the first quarter of 2011, adjusting for fluctuations in currency exchange rates and commodity movements. The increase in adjusted revenue reflects growth of 12% in Asia, 6% in North America, and 4% in Europe. Revenue in South America was down 11% as a result of reduced vehicle production.
First quarter net income totaled $342 million, or $1.04 per diluted share, compared to net income of $291 million, or $0.42 per diluted share, in the prior year period (refer to footnote 2 for determination of weighted average shares outstanding and earnings per share calculations).
First quarter earnings before depreciation and amortization, interest expense, other income/expense, income tax expense, and equity income (“EBITDA”) was $578 million, compared to $529 million in the prior year period, an increase of 9.3%. EBITDA margin was 14.1% in the first quarter of 2012, compared to 13.2% in the prior year period. The improvement in EBITDA reflects the contribution margin from increased revenue, continued efficiencies resulting from operational improvements, and the absence of non-recurring items, including a commercial settlement charge, in the prior year period. Partially offsetting these improvements were unfavorable currency and commodity movements, lower sales and earnings in our Thermal business segment primarily reflecting the softness in South American production volumes, and $29 million of increased expense resulting from the variable accounting impacts related to the Company’s 2010 Long-Term Incentive Plan.