Delphi posts strong profit, but third-quarter forecast may disappoint
DETROIT, July 31
DETROIT, July 31 (Reuters) - Delphi Automotive reported a stronger-than-expected second-quarter profit on Thursday, but offered a forecast for the current quarter that could disappoint investors.
The auto parts maker said it expects a third-quarter profit excluding one-time items of $1.10 to $1.18 a share on revenue of $4.2 billion to $4.3 billion. Analysts polled by Thomson Reuters I/B/E/S were expecting $1.17 a share and $4.32 billion.
Net income in the second quarter rose 4 percent to $382 million, or $1.26 a share, compared with $367 million, or $1.17 a share, in the year-ago quarter.
Excluding one-time items, Delphi earned $1.42 a share, topping the $1.33 per share expectation of analysts.
Revenue rose 5 percent from the previous year to $4.45 billion, compared with the $4.47 billion Wall Street had forecast. (Reporting by Ben Klayman in Detroit; Editing by Bernadette Baum)
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