Delphi Realizes Fourth-Quarter Gains
Delphi Automotive reported strong gains in net income plus increased revenue in the fourth quarter, while full-year results were slightly mixed.
The British company's U.S. generally accepted accounting principles, or GAAP, net income for the period ended Dec. 31 rose to $281 million, or $1.03 per diluted share, compared with $199 million, 70 cents, in the 2015 period, it said.
“Our strong organic growth and bookings demonstrate that our portfolio of market-relevant advanced technologies is meeting changing industry needs,” Delphi CEO Kevin Clark said in a statement.
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Sales reached $4.3 billion, up 11% from $3.8 billion a year earlier, said Delphi, whose U.S. operation — its largest — is based in Troy, Michigan. Delphi's products include engine management, emissions control, and safety and security systems.
At the same time, adjusted operating income for the quarter at its electrical/electronic architecture unit was $380 million, up 38% compared with $276 million a year earlier. It rose 16% at its electronics and safety systems segment to $93 million, the company said.
Sales in the quarter reflected business growth of 9% in North America, 5% in Europe, 16% in Asia and 7% in South America, according to Delphi.
For the full year, net income slipped to $1.15 billion, or $4.21, compared with $1.18 billion, or $4.14, year-to-date.
Revenue climbed to $16.7 billion, an increase of 8% from the prior year, and reflects business growth of 7% in North America, 8% in Europe and 12% in Asia, partially offset by a decline of 15% in South America, the company said.
