TROY, Mich. – Delphi Automotive has reported fourth quarter 2011 revenues of $3.9 billion, an increase of 6.8 percent over the prior year period, and fourth quarter net income of $290 million, an increase of $215 million over the prior year period.
“Our ability to generate strong financial performance in the fourth quarter and for the full year is a result of our focus on flawless execution and providing market-relevant technologies to the world’s leading automakers,” said Rodney O’Neal, president and CEO. “Our robust business model, operational excellence and industry-leading cost structure position us to provide continued superior returns to our stakeholders.”
Fourth quarter net income totaled $290 million, or 88 cents per diluted share, compared to net income of $75 million, or 11 cents per diluted share, in the prior year period.
For the full year, Delphi reported 2011 revenue of $16 billion, an increase of 16.1 percent over 2010. The increase includes solid revenue growth across all regions, driven by customer mix and strong demand for powertrain and electronic architecture products, increased global vehicle production, and favorable foreign currency exchange.
Full year 2011 net income totaled $1.1 billion, or $2.72 per diluted share, compared to net income of $631 million, or 92 cents per diluted share in 2010.
In 2011, the company generated net cash flow from operating activities of $1.4 billion, as compared to $1.1 billion in 2010. Capital expenditures in 2011 were $630 million compared to $500 million last year. The company generated $859 million in cash flow before financing, compared to $781 million in 2010.
As of December 31, 2011, the company had cash and cash equivalents of $1.4 billion and access to $1.3 billion in undrawn committed bank facilities, providing the company with $2.7 billion of total liquidity. Total debt outstanding as of December 31, 2011 was $2.1 billion.
Delphi’s Board of Directors has authorized the repurchase of up to $300 million of ordinary shares. The program will terminate on the earlier to occur of Dec. 31, 2012 or when the company attains $300 million in ordinary share repurchases.
