(Adds details from statement)
April 24 Auto parts maker Delphi Automotive Plc
reported a better-than-expected quarterly profit,
helped by strong demand in Asia and North America, and raised
its 2014 earnings outlook.
The company said it now expects 2014 adjusted earnings
between $4.80 and $5.00, up from its previous forecast of
between $4.70 and $4.95 a share.
Analysts on average were expecting $4.89 a share, according
to Thomson Reuters I/B/E/S.
Delphi has been drawn into General Motors Co's recall
of defective ignition switches, which have been linked to at
least 13 deaths.
Delphi manufactured the faulty parts and is working with GM
to make replacements for the recalled 2.6 million cars.
U.S. lawmakers have asked Delphi Chief Executive Rodney
O'Neal for information about whether the parts maker pushed back
against GM after the automaker apparently did not accept a
proposed Delphi fix in 2005 to the switches.
Delphi officials have told investigators that GM approved
the bad ignition switches, even though the parts did not appear
to meet GM's own specifications.
The net income attributable to Delphi rose 16 percent to
$320 million, or $1.04 a share, for the first quarter ended
March 31, from $276 million, or $0.88 a share, in the year
Excluding one-time items, Delphi earned $1.20 a share,
trumping the average analyst estimate of $1.08 a share.
Revenue rose 6 percent from last year to $4.28 billion, but
fell slightly short of the average estimate of $4.29 billion.
(Reporting by Sweta Singh in Bangalore and Ben Klayman in
Detroit; Editing by Saumyadeb Chakrabarty)