Delphi Technologies PLC has reported fourth quarter 2017 U.S. GAAP earnings of 63 cents per diluted share. Excluding special items, fourth quarter earnings totaled $1.24 per diluted share. The company also reported revenue of $1.3 billion for the quarter and $4.8 billion for the full year, an increase of 9 percent compared to the respective equivalent prior periods, on an adjusted basis.
Prior to Dec. 4, 2017, Delphi Technologies operated as the Powertrain Systems segment of Delphi Automotive PLC and the historical financial information presented in this press release for periods prior to Dec. 4, 2017, were derived from the former parent’s accounting records and are presented on a carve-out basis as if Delphi Technologies had operated as a stand-alone company for all periods presented.
Fourth quarter 2017 results
The company reported fourth quarter 2017 revenue of $1.3 billion, an increase of 12 percent from the prior year period, reflecting continued volume growth. Adjusted for currency exchange and certain aftermarket OE service revenue retained by the former parent, revenue increased by 9 percent in the fourth quarter. This reflects growth of 10 percent in Powertrain Systems and 4 percent in Delphi Technologies Aftermarket. It also reflects growth of 19 percent in Asia Pacific, 5 percent in Europe, 3 percent in North America and 16 percent in South America.
The company reported fourth quarter 2017 U.S. GAAP net income of $56 million and net income of 63 cents per diluted share, compared to $78 million and 88 cents per diluted share in the prior year period.
Full year 2017 results
For full year 2017, Delphi Technologies reported revenue of $4.8 billion, an increase of 8 percent from the prior year, reflecting continued volume growth. Adjusted for currency exchange, and certain aftermarket OE service revenue retained by the former parent, revenue increased by 9 percent during the year. This reflects growth of 10 percent in Powertrain Systems and 6 percent in Delphi Technologies Aftermarket. It also reflects growth of 24 percent in Asia Pacific, 5 percent in North America, 2 percent in Europe and 13 percent in South America.
For full year 2017, the company reported U.S. GAAP net income of $285 million and $3.21 per diluted share, compared to $236 million and $2.66 per diluted share in the prior year.
“2017 was a tremendous year for Delphi Technologies. We delivered strong revenue growth, margin expansion and ended the year with record bookings. As a leader in advanced vehicle propulsion systems, we are well-positioned to support our customers across the globe on their path to electrification, at the same time as providing efficient, clean and cost-effective technologies for internal combustion engines,” said Liam Butterworth, president and CEO for Delphi Technologies. “For 2018, we will continue to focus on delivering value to shareholders and customers through our pioneering innovation and technology investments, leveraging our strong operational execution capabilities to drive long-term growth.”
