Delphi reports third quarter 2013 financial results

06/11/2013 |

Overall, we had a great quarter. Although we remain cautious, the European market seems to be stabilizing. I continue to be optimistic about Delphi’s future

Rodney O’Neal, chief executive officer and president of Delphi

Highlights include:

Third quarter U.S. GAAP diluted earnings per share of $0.87 compared to $0.84 in the prior year; Year-to-date diluted earnings per share of $2.92 compared to $2.89 in the prior year.
Excluding special items, third quarter earnings of $0.97 per diluted share, an increase of 15% compared to $0.84 per diluted share in the prior year; Year-to-date diluted earnings of $3.28 compared to $2.93 per diluted share in the prior year.
Third quarter Adjusted Operating Income and Adjusted Operating Income margin of $428 million and 10.7%, compared with $370 million and 10.1% for the same period in 2012; Year-to-date Adjusted Operating Income and Adjusted Operating Income margin of $1,372 million and 11.2%, compared with $1,316 million and 11.2% for the same period in 2012.
Third quarter Adjusted EBITDA and Adjusted EBITDA margin of $566 million and 14.1%, compared with $483 million and 13.2% for the same period in 2012; Year-to-date Adjusted EBITDA and Adjusted EBITDA margin of $1,773 million and 14.4%, compared with $1,656 million and 14.1% for the same period in 2012.
Third quarter revenue of $4.0 billion, up 10% over the same period in 2012; up 3% adjusted for the impacts of currency, commodities, acquisitions and divestitures.
Generated year-to-date operating cash flow of $1,070 million.
Executed $120 million of share repurchases in the third quarter of 2013; share repurchases year-to-date of $362 million.

“Overall, we had a great quarter. Although we remain cautious, the European market seems to be stabilizing,” said Rodney O’Neal, chief executive officer and president. “I continue to be optimistic about Delphi’s future.”

Year-to-Date 2013 Results: For the nine months ended September 30, 2013, the Company reported revenue of $12.3 billion, a decrease of 1% compared to the nine months ended September 30, 2012, adjusting for currency exchange, commodity movements, acquisitions and divestitures. This reflects growth of 9% in Asia, 4% in North America and 6% in South America, offset by a decline in Europe of 10%.

Full Year 2013 Outlook: The Company's full year 2013 financial guidance (in millions) is as follows: revenue in the range of $16,300 - $16,400; Adjusted EBITDA in the range of $2,350 - $2,370; Adjusted EBITDA Margin in the range of 14.4% - 14.5%.