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Delphi Reports Third Quarter 2012 Financial Results

Interest expense for the third quarter totaled $32 million, compared to $37 million in the prior year period, reflecting lower debt levels.

Tax expense for the third quarter was $52 million, representing an effective tax rate of approximately 15%, compared to $87 million, or an effective tax rate of 24%, in the prior year period, reflecting the impacts of the geographic mix of pretax earnings and tax planning initiatives.

The Company generated net cash flow from operating activities of $414 million in the third quarter, compared to $410 million in the prior year period. Cash flow before financing totaled $254 million compared to $274 million in the prior year period.

Year-to-Date 2012 Results

For the nine month period ended September 30, 2012, the Company reported revenue of $11.8 billion, an increase of 1.9% over the first nine months of 2011, adjusting for currency exchange, commodity movements and divestitures. The increase in adjusted revenue reflects growth of 11% in Asia and 6% in North America, partially offset by a 2% decline in Europe and a 10% decline in South America.

For the 2012 year-to-date period, net income totaled $941 million, or $2.89 per diluted share, which includes a $0.13 impact from the increased expense of the variable 2010 Long-Term Incentive Plan, compared to net income of $855 million, or $1.89 per diluted share, in the prior year period (refer to footnote 2 for determination of weighted average shares outstanding and earnings per share calculations).

EBITDA for the first nine months of 2012 totaled $1,639 million, compared to $1,589 million in the prior year period, an increase of 3.1%. EBITDA margin was 13.9% for year-to-date 2012, compared to 13.1% in the prior year period. The improvement in EBITDA reflects strong performance in the Electrical/Electronic Architecture and Powertrain segments. Partially offsetting these improvements were lower earnings in our Thermal business segment, the unfavorable impacts of currency exchange, and $53 million of increased expense resulting from the variable accounting impacts related to the Company's 2010 Long-Term Incentive Plan. Excluding the variable impacts of the 2010 Long-Term Incentive Plan, EBITDA margin for the first nine months of 2012 was 14.4%.

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