Delphi Automotive 4Q profit and revenue climbs

TROY (AP) -- Vehicle parts maker Delphi Automotive PLC said last Thursday its profit climbed in the fourth quarter as revenue rose 7 percent thanks to rising global auto production and the company's strong growth in Europe and Asia. Delphi makes transmission controls, heating and air conditioning systems and other components. It said its profit grew to $290 million, or 88 cents per share, from $75 million, or 11 cents per share in the year-ago period. The big jump in earnings per share resulted partly from the company having 328 million shares outstanding in the latest period, compared to 687 million in the year-ago period. Revenue rose 7 percent, to $3.9 billion from $3.65 billion. Analysts expected Delphi Automotive to post a profit of 56 cents per share and $3.9 billion in revenue, according to estimates compiled by FactSet. The company also said its board of directors approved up to $300 million for the repurchase of common shares by Dec. 31. Delphi was spun off from General Motors in 1999. It went into bankruptcy protection in 2005, and emerged four years later after cutting thousands of jobs and selling plants and businesses. It launched an initial public stock offering in November. Delphi's annual profit nearly doubled in 2011, growing to $1.15 billion, or $2.72 per share, from $631 million, or 92 cents per share. Its revenue increased 16 percent, to $16.04 billion from $13.82 billion. The company forecast a profit of $3.44 to $3.69 per share for 2012, and said its revenue will be between $16.2 billion and $16.5 billion. That estimate includes net income of 83 cents to 96 cents per share in the first quarter, on $4 billion to $4.1 billion in revenue. Analysts expect Delphi Automotive to report a profit of $3.50 per share and $16.56 billion in revenue for the full year, and 92 cents per share on revenue of $4.09 billion in the first quarter. Shares of Delphi Automotive rose 10 cents to $26.05 in aftermarket trading following the release of the earnings report. They ended the regular session up 19 cents at $25.95. Published: Mon, Jan 30, 2012