Delphi 2Q net income rises 11 pct.

Delphi posts 11 pct. increase in 2nd-qtr net income, helped by recent acquisition

Associated Press

TROY, Mich. (AP) -- Delphi Automotive PLC said Wednesday that its second-quarter net income rose 11 percent, helped by contributions from a recent acquisition.

The auto parts maker earned $367 million, or $1.17 per share, up from $330 million, or $1.01 per share, in the same quarter of 2012. Excluding one-time items, Delphi earned $1.24 per share in the recent quarter.

Revenue rose 6 percent to $4.24 billion.

The results beat Wall Street predictions. Analysts, on average, expected a profit of $1.14 per share on $4.22 billion in revenue, according to FactSet.

Delphi said the revenue increase mainly stemmed from the acquisition of FCI Group's motorized vehicles division. Adjusted for the effects of exchange rates, commodity movements, acquisitions and divestitures, revenue rose 1 percent. Adjusted revenue rose in all regions of the world, except for Europe.

For the full year, Delphi now expects an adjusted profit of $4.22 to $4.45 per share. It previously estimated $4.15 to $4.41 per share. Analysts expect $4.38 per share.

It also narrowed its revenue forecast to a range of $16.3 billion to $16.5 billion from its previous projection of $16.2 billion to $16.6 billion. Analysts expect $16.46 billion.

For the current quarter, Delphi said it expects to earn between 86 cents and 94 cents per share on $3.95 billion to $4.05 billion in revenue. Analysts expect a profit of $1.06 per share on $4.05 billion in revenue for the current quarter.

Delphi shares fell 72 cents to $54.60 in premarket trading.

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