UPDATE 1-Delphi earnings climb on higher margins
* EPS of $1.01 beats analysts' estimate of 91 cents
* Net income rises on increasing margins
* Revenue falls to $4.0 billion due to weaker currencies
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 pre-tax 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 from $4.2 billion the previous year. Delphi said the revenue decline was caused by "significant weakening" in the euro and the Brazilian real.
Net income was $330 million, up 10.7 percent from $298 million.
Earnings before interest, taxes, depreciation and amortization were a record $581 million for the quarter, up 6.8 percent from $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 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.
Delphi CEO Rodney O'Neal said: "We remain confident that even in this challenging macro-environment, we are well positioned to generate significant cash flow and increase profitability."
In a note to investors, JPMorgan said the company's margin gains are "years ahead of schedule," noting Delphi previously had targeted a pre-tax margin of 15 percent by 2015.
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