TROY, Mich. - Vehicle parts maker Delphi Automotive PLC said Tuesday its first-quarter profit jumped 18 percent as the company controlled expenses and boosted efficiency.
The Troy-based company, which employs about 850 hourly and salaried workers Delphi Packard Electrical / Electronic Architecture plants in the Warren area, earned $342 million, or $1.04 per share, for the January-to-March period. That was up from $291 million, or 42 cents per share, in the same quarter last year.
The per-share results reflect a reduction in the number of outstanding shares by more than half.
Revenue rose 2.4 percent to $4.09 billion from $4 billion. Adjusted for fluctuations in exchange rates and changes in commodity prices, the company said revenue rose 4.7 percent.
Analysts, on average, expected a profit of 96 cents per share on $4.14 billion in revenue, according to data provided by FactSet.
The company's shares dropped $1.28, or about 4.1 percent, Tuesday to close at $30.22.
Delphi said adjusted revenue rose 12 percent in Asia, 6 percent in North America and 4 percent in Europe. South American adjusted revenue fell 11 percent as a result of lower vehicle production.
In addition to the higher sales, Delphi said its results got a boost from better efficiency stemming from operational improvements and the absence of restructuring and other one-time charges.
Delphi said it expects to post a second-quarter profit of 87 cents to 99 cents per share on $4.03 billion to $4.1 billion in revenue. Analysts polled by FactSet expect a profit of 98 cents per share, with estimates ranging from 87 cents to $1.10. Wall Street forecasts $4.35 billion in revenue, with estimates ranging from $4.2 billion to $4.68 billion.
For the full year 2012, Delphi said it now expects to earn between $3.63 and $3.85 per share, up from its previous range of $3.44 to $3.69 per share. The company backed its full-year sales guidance of $16.2 billion to $16.5 billion.
Analysts, on average, expect a 2012 profit of $3.69 per share on $16.58 billion in sales.