Delphi earnings climb, topping estimates
July 31 |
July 31 (Reuters) - Delphi Automotive Plc reported second-quarter earnings of $1.01 per share, surpassing Wall Street's expectations, on the strength of improving pretax margins.
Analysts had expected earnings of 91 cents per share. Delphi earned 88 cents per share in the second quarter in 2011.
The auto-parts company, a former unit of General Motors Co , said second-quarter revenue fell 5.1 percent to $4.0 billion. Delphi said the revenue decline was caused by "significant weakening" in the euro and the Brazilian real.
Earnings before interest, taxes, depreciation and amortization were a record $581 million for the quarter, compared with $544 million the previous year.
Delphi said EBITDA margin of 14.5 percent also was a record for the quarter, well above last year's 12.9 percent.
The company, citing an "improved margin outlook," lifted its full-year per-share earnings forecast slightly to $3.68 to $3.91 and reaffirmed its full-year EBITDA forecast of $2.175 billion to $2.250 billion. Previously Delphi had forecast earnings per share of $3.63 to $3.85.
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