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Delphi Lowers Outlook
Delphi Automotive plc reports its net income in the third quarter jumped 32% to $404 million.
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Delphi Automotive plc reports its net income in the third quarter jumped 32% to $404 million. But unfavorable exchange rates, divestitures and commodity shifts turned a 6% gain in gross revenue into a 4% decline to $3.6 billion.
The U.K.-based supplier of vehicular electronics, which lowered its outlook for the year, says its adjusted net income from continuing operations was $351 million compared with $299 million in the third quarter of 2013.
Delphi now expects maximum full-year revenue of $15.1 billion, down from its previous estimated high of $15.6 billion. Per-share profits will be no more than $5.25 compared with an earlier high-end target of $5.40.
Delphi attributes its more subdued outlook to China’s cooling auto market, where the company generated roughly 20% of its sales last year.
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