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 saidin a statement.
RELATED: Delphi, Mobileye to develop turnkey, fully automated system for diverse vehicles
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 includeengine 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.