GILLINGHAM, England – Delphi Automotive PLC has reported fourth quarter 2014 U.S. GAAP earnings of $1.16 per diluted share. Excluding special items, fourth quarter earnings increased 18 percent to $1.32 per diluted share.
“Delphi’s strong fourth quarter financial results continue to demonstrate the focus of the entire organization on executing our strategy,” said Rodney O’Neal, CEO and president. “Against the backdrop of an uneven global economy, each of our businesses delivered improved operating results in 2014. Delphi is well-positioned to capitalize on opportunities to further generate value for our customers and shareholders in 2015.”
The company reported fourth quarter 2014 revenue of $4.2 billion, consistent with the prior year period, reflecting continued above-market volume growth in Asia and North America, offset by unfavorable currency impacts. Adjusted for the impacts of currency exchange and commodity movements, revenue increased by 3 percent in the fourth quarter. This reflects growth of 11 percent in Asia and 7 percent in North America, partially offset by declines of 3 percent in Europe and 9 percent in South America.
The company reported fourth quarter U.S. GAAP net income of $344 million and earnings of $1.16 per diluted share, compared to $298 million and 97 cents per diluted share in the prior year period. Fourth quarter net income excluding restructuring and other special items, totaled $391 million, or $1.32 per diluted share, which includes the favorable impacts of a decreased effective tax rate and a reduced share count. Adjusted Net Income in the prior year period was $345 million, or $1.12 per diluted share.
Full Year 2014 Results
For full year 2014, the company reported revenue of $17 billion, an increase of 3 percent from the prior year period, reflecting continued above-market growth in Asia and North America. Adjusted for the impacts of currency exchange and commodity movements, revenue increased by 4 percent during the year. This reflects growth of 11 percent in Asia, 7 percent in North America and flat performance in Europe, partially offset by a decline of 16 percent in South America.
For full year 2014, the company reported U.S. GAAP net income of $1,351 million and earnings of $4.48 per diluted share, compared to $1,212 million and $3.89 per diluted share in the prior year period. Full year 2014 Adjusted Net Income totaled $1,537 million, or $5.09 per diluted share, which includes the favorable impact of a reduced share count, compared to Adjusted Net Income of $1,371 million, or $4.40 per diluted share, in the prior year period.
Share Repurchase Program
During the fourth quarter of 2014, Delphi repurchased 5.04 million shares for approximately $350 million under its existing authorized share repurchase program, leaving approximately $166 million available for future share repurchases. As previously disclosed, the company’s board of directors also authorized a new $1.5 billion share repurchase program, commencing upon the completion of the existing program. Year-to-date, the company has repurchased 15.04 million shares for approximately $1 billion. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in capital and retained earnings.
