Delphi Automotive Profit Rises, But Cuts FY View; Shares Down

(RTTNews) - Delphi Automotive Plc (DLPH) Tuesday reported an increase in profit for the third quarter, driven mainly by higher revenues reflecting strong demand in North America and Asia. Earnings for the quarter easily beat analysts' estimates, but revenues fell short.

Meanwhile, the auto-parts maker lowered its financial outlook for the full year 2013, which is now indicated to miss current Wall Street estimates, sending its shares down by about five percent.

For 2013, the company now expect adjusted earnings of $4.25 to $4.35 per share and revenues of $16.30 billion to $16.40 billion. Analysts polled by Thomson Reuters currently anticipate full-year profit of $4.40 per share on revenues of $16.48 billion. Analysts' estimates typically exclude one-time items.

Earlier, Delphi expected full year 2013 adjusted earnings of $4.22 to $4.45 per share and revenues of $16.30 billion to $16.50 billion.

"Overall, we had a great quarter. Although we remain cautious, the European market seems to be stabilizing," said Rodney O'Neal, chief executive officer and president. "I continue to be optimistic about Delphi's future."

Gillingham, United Kingdom based Delphi's third-quarter profit rose to $271 million or $0.87 per share from $269 million or $0.84 per share last year. Adjusted earnings were $302 million or $0.97 per share. Sixteen analysts had a consensus earnings estimate of $0.94 per share for the quarter.

Delphi, which was spun off from General Motors, said its revenues for the third quarter rose 10 percent to $4.02 billion from last year's $3.66 billion. Thirteen analysts had a consensus revenue estimate of $4.03 billion for the quarter.

Delphi's revenue growth reflects continued strong growth in Asia and North America. Revenues from Asia grew 10 percent and North America improved 9 percent, while Europe recorded a 5 percent decline with 2 percent drop in South America.

DLPH is currently trading at $55.17, down $2.83 or 4.88%, on the NYSE.