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Delphi Reports Fourth Quarter, Full Year 2013 Financial Results

Excluding special items, earnings increased 24 percent to $1.12 per diluted share.

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GILLINGHAM, England – Delphi Automotive has reported fourth quarter U.S. GAAP earnings of 97 cents per diluted share. Excluding special items, earnings increased 24 percent to $1.12 per diluted share.
 
“Delphi’s fourth quarter financial results demonstrate the consistently high level of execution by Delphi’s team," said Rodney O’Neal, CEO and president. "In 2013, we were able to deliver exceptional value to both our global customers and our shareholders. Our strong performance provides significant momentum as we enter 2014."
 
The company reported fourth quarter 2013 revenue of $4.2 billion, an increase of 11 percent over the fourth quarter of 2012, reflecting continued strong growth in Asia and North America. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue increased by 8 percent in the fourth quarter. This reflects growth of 14 percent in Asia, 9 percent in North America and 7 percent in Europe, partially offset by declines of 6 percent in South America.
 
For full year 2013, the company reported revenue of $16.5 billion, an increase of 6 percent compared to 2012. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue increased by 1 percent. The company said this reflects growth of 11 percent in Asia, 5 percent in North America and 2 percent in South America, partially offset by a 6 percent decline in Europe.
 
During the fourth quarter of 2013, Delphi repurchased 1.69 million shares for approximately $95 million under its existing $750 million share repurchase program, leaving approximately $190 million available for future share repurchases under this program. As previously disclosed, the company’s board also authorized a new $1 billion share repurchase program, commencing upon the completion of the existing program. During the full year 2013, the company repurchased 9.11 million shares for approximately $457 million. 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.
 
 

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