Delphi posts strong third-quarter profit, sees Europe stabilizing
DETROIT (Reuters) - Delphi Automotive Plc (DLPH.N) posted a stronger-than-expected quarterly profit on Tuesday on strong demand in North America and Asia, and said the European auto market was stabilizing.
The auto parts maker also narrowed the range of its full-year profit forecast for this year, putting its outlook below Wall Street's expectations.
"Although we remain cautious, the European market seems to be stabilizing," Chief Executive Rodney O'Neal said in a statement.
Net income in the third quarter rose slightly to $271 million, or 87 cents a share, from $269 million, or 84 cents a share, in the year-earlier period.
Excluding one-time items related to restructuring and acquisitions, Delphi earned 97 cents a share, 3 cents better than analysts expected in a Thomson Reuters I/B/E/S poll.
Revenue rose almost 10 percent from last year to $4.02 billion, compared with the $4.03 billion analysts had expected. Revenue grew 10 percent and 9 percent in Asia and North America, respectively, and fell 5 percent in Europe and 2 percent in South America.
Delphi also narrowed its forecast for full-year adjusted profit, saying it now expects a range of $4.25 to $4.35 a share. It previously had forecast a range of $4.22 to $4.45 a share.
It now expects full-year revenue in the range of $16.3 billion to $16.4 billion. Its previous forecast had a top range of $16.5 billion.
Analysts were expecting a profit of $4.40 on revenue of $16.46 billion.