This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Delphi Reports Third Quarter 2012 Financial Results

Stocks in this article: DLPH

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 third quarter 2012 revenues of $3.7 billion, a decrease of 6.8% from the prior year period, the result of further reductions in European production and a significant weakening of the Euro and Brazilian Real. Adjusted for the impacts of currency exchange, commodity movements and divestitures, revenue was flat in the third quarter. The Company reported third quarter net income of $269 million and diluted earnings per share of $0.84, compared to $266 million and $0.79 per diluted share in the prior year period.

“Delphi's third quarter earnings growth demonstrates the benefits of our lean and flexible cost structure in the face of a difficult macroeconomic environment, particularly in Europe where vehicle production levels have weakened further," said Rodney O'Neal, chief executive officer and president.

Third Quarter 2012 Results

The Company reported third quarter 2012 revenue of $3.7 billion, essentially flat compared to the third quarter of 2011, adjusting for currency exchange, commodity movements and divestitures. Adjusted revenue reflects growth of 12% in Asia and 3% in North America, offset by a 6% decline in Europe and a 5% decline in South America.

Third quarter net income totaled $269 million, or $0.84 per diluted share, which includes the impacts of a lower effective tax rate, share repurchases in 2012, and a $0.05 per share impact from the increased expense resulting from the variable accounting related to the Company's 2010 Long-Term Incentive Plan. Net income in the prior year period was $266 million, or $0.79 per diluted share (refer to footnote 2 for determination of weighted average shares outstanding and earnings per share calculations).

Third quarter earnings before depreciation and amortization, interest expense, other income (expense), income tax expense, and equity income (“EBITDA”) was $480 million, compared to $516 million in the prior year period. EBITDA margin was 13.1% in the third quarter of 2012, consistent with 13.1% in the prior year period. The reduction in EBITDA reflects the unfavorable impacts of currency exchange, $21 million of increased expense resulting from the variable accounting impacts related to the Company's 2010 Long-Term Incentive Plan, and the continuing volume reductions in Europe. Excluding the variable impacts of the 2010 Long-Term Incentive Plan, EBITDA margin for the third quarter of 2012 was 13.7%.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs