GILLINGHAM, England – Delphi Automotive PLC has reported first quarter 2014 U.S. GAAP earnings of $1.04 per diluted share. Excluding special items, earnings increased 12 percent to $1.20 per diluted share.
The company reported first quarter 2014 revenues of $4.3 billion, an increase of 6 percent from the prior year period, reflecting continued strong growth in Asia and North America. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue also increased by 6 percent in the first quarter. This reflects growth of 12 percent in Asia, 8 percent in North America and 2 percent in Europe, partially offset by declines of 9 percent in South America.
The company reported first quarter U.S. GAAP net income of $320 million and earnings of $1.04 per diluted share, compared to $276 million and 88 cents per diluted share in the prior year period.
“Overall, Delphi had an outstanding first quarter of 2014, with strong earnings on revenue growth that was in-line with our expectations," said Rodney O’Neal, CEO and president. "We believe we are well-positioned for the remainder of 2014."
The company generated net cash flow from operating activities of $136 million in the first quarter of 2014, compared to $149 million in the prior year period. As of March 31, 2014, Delphi had cash and cash equivalents of $1 billion and access to $1.5 billion in undrawn committed revolving bank facilities, and total debt of $2.4 billion.
Share Repurchase Program
During the first quarter of 2014, Delphi repurchased 2.38 million shares for approximately $157 million under its existing $750 million share repurchase program, leaving approximately $33 million available for future share repurchases under this program. As previously disclosed, the company’s board of directors also authorized a new $1 billion share repurchase program, which will commence following the completion of the existing program. 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.
