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Europe, Restructuring Cause 53% Drop in Delphi Profit
Delphi Automotive LLC's net earnings plunged to $136 million in the fourth quarter of last year from $290 million in the same period of 2011, dragged down by $192 million in restructuring and acquisition charges.
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Delphi Automotive LLC's net earnings plunged to $136 million in the fourth quarter of last year from $290 million in the same period of 2011, dragged down by $192 million in restructuring and acquisition charges.
The company says revenue fell 3% to $3.8 billion in the October-December period because an 18% slide in European sales offset gains in all its other markets.
Full-year net profit declined 6% to $1.1 billion. Excluding one-time items, earnings rose 6% to $1.2 billion. Revenue dropped 3% to $15.5 billion.
For 2013, the company forecasts revenue of $16.2 billion-$16.6 billion. Delphi predicts a charge of about $130 million for ongoing restructuring.
The company expects the current quarter to be the year's weakest as the European market reaches its nadir. Delphi projects revenue of $3.9 billion to $4 billion.
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