Delphi Ekes Out 1% Earnings Gain

Delphi Automotive plc netted $269 million in the third quarter of this year compared with $266 million in the same quarter of 2011, aided by a $3.3 billion reduction in overhead expenses.

Revenue dropped 7% to $3.7 billion. Delphi attributes the decline to lower vehicle production in Europe and the dollar's strength against the euro and Brazilian real. Excluding the impact of exchange rates, revenue growth of 12% in Asia and 3% in North America offset declines of 6% in Europe and 5% in South America.

The company reported third-quarter earnings before interest, taxes, depreciation and amortization of $480 million, down from $516 million in last year's third quarter.

Delphi predicts revenue of as much as $3.7 billion in the fourth quarter. The company expects EBITDA of $440 million to $480 million for that period, not including a $175 million charge for the restructuring it launched this quarter.