Delphi Technologies PLC (NYSE: DLPH) (“Delphi Technologies” or the “Company”) today announced financial results for its third quarter 2019.
Q3 2019 results
|
Revenue |
Operating Income |
Operating |
Net Income per Share – Diluted |
Cash From Operations |
|||||
| GAAP |
$1.0 B |
$45 M |
4.4% |
$0.16 |
$59 M |
||||
| vs. Q3 2018 |
(11)% |
(44)% |
(2.6) pts |
(64)% |
$5 M |
||||
|
Adj. Revenue Growth |
Adj. Operating Income |
Adj. Operating Income Margin |
Adj. Net Income per Share – Diluted |
||||||
| Non-GAAP |
N/A |
$71 M |
6.9% |
$0.56 |
|||||
| vs. Q3 2018 |
(8)% |
(34)% |
(2.4) pts |
(22)% |
- Revenue of $1.0 billion decreased 11% percent from the year-ago quarter. Adjusting for currency exchange, revenue decreased 8%. The decline was primarily due to lower global production, particularly in China, the downward trend in passenger car diesel fuel injection systems in Europe, and the closure of certain customer production sites in North America.
- On a regional basis, adjusted revenue reflects decreases of 12% in Asia Pacific, 6% in Europe, 7% in North America, and 7% in South America.
- Operating income was $45 million, compared to $81 million in the prior year period. Adjusted operating income was $71 million, compared to $108 million in the prior year period. The year-on-year decline in adjusted operating income was primarily due to unfavorable product mix, most notably between higher margin passenger car diesel fuel injection systems, and lower margin advanced gasoline direct injection fuel systems.
- Quarterly earnings per diluted share of $0.16 represents a 64% decline from the year-ago quarter. Excluding special items, earnings per diluted share was $0.56, compared to $0.72 in the prior year period.
- Cash flow from operating activities was $59 million, compared to $54 million in the prior year period. The year-on-year increase is primarily due to an improvement in working capital, offset by the decrease in net income.
CEO comment
“Consistent with our first half performance, our Q3 results were impacted by ongoing industry and macro headwinds,” said Richard F. Dauch, Chief Executive Officer of Delphi Technologies. “While we continue to make solid progress in a number of key operational and commercial areas, we must act with increased urgency to improve our financial performance. Today we have announced a fundamental transformation plan, which is a direct response to the major transitions and challenges our industry faces, consistent with our priority to realign and reshape Delphi Technologies for future profitable growth. This important and necessary step is expected to reduce our annualized costs by more than $150 million over the next three years, while significantly improving our free cash flow and return on invested capital. As a pioneer in propulsion technologies, we remain focused on investing to support our longer-term growth, executing on our strong business wins, and delivering on our vision to make vehicles drive cleaner, better and further.”
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SOURCE: Delphi Technologies
