Delphi Automotive sees “record third quarter financial performance”
Automotive component making giant Delphi Automotive released third quarter earnings last week that broke its own records. The company said that revenue came in 4.4% higher than the third quarter of 2016, at $4.3 billion, and earnings “excluding special items” hit $1.66 per share – that’s an 11% rise against the year-ago quarter. For the first nine months of the year, the company has performed even better: revenue of $12.9 billion (up 6% against the first nine months of 2016), and earnings per share of $4.95 (up 11% from the first nine months of 2016).
Delphi’s share price has appreciated by 44% so far this year
SOURCE: Yahoo Finance
It’s been a busy quarter for Delphi, news-wise, as the company has doubled down on its commitment to self-driving technology. Delphi has continued to spin-off its powertrain segment into an independent company, Delphi Technologies PLC, and is hoping to complete the move by March 2018. It’s also agreed to the acquisition of nuTonomy Inc., a self-driving specialist. The nuTonomy acquisition is the latest of a handful of purchases clearly designed to make Delphi a dominant force in the emerging industry.
Delphi’s president and CEO, Kevin Clark, made the following comment via a press release:
“Delphi delivered record third quarter financial performance, resulting from our strategy for disciplined growth and operational excellence while also continuing to invest for the future. Our quarterly results were driven by double-digit growth in our fastest growing product lines, including active safety, infotainment, vehicle electrification and advanced gas solutions. The spin-off of Delphi Technologies PLC into a new public company is continuing to progress as planned, and our new business wins in the quarter reinforce strong growth outlooks for both companies. Additionally, as a result of our performance year-to-date, we are once again raising our full year 2017 outlook.”
Dominion holds Delphi Automotive in its Global Trends Managed Fund.
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