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Delphi’s Net Income Plunges as Revenue Slides
Delphi Technologies Inc. says slumping vehicle production and unfavorable exchange rates sapped revenue and slashed profits in the first quarter.
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Delphi Technologies Inc. says slumping vehicle production and unfavorable exchange rates sapped revenue and slashed profits in the first quarter.
The propulsion specialist’s revenue for the period shrank 11% to $1.2 billion. Net income sank 84% to $16 million.
Richard Dauch, who was named CEO in January, reiterates the company’s full-year outlook, which anticipates revenue of about $4.7 billion, an adjusted operating margin of 9% and adjusted earnings per share between $3.00 and $3.20.
In 2018, Delphi Technologies’ first full year a publicly traded company, the company reported flat revenue of $4.9 billion and net income of $358 million ($4.03 per share).
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