Delphi Technologies (DLPH) Misses Q3 EPS by 4c, Revenues Beat; Affirms FY18 EPS Views Below Consensus, FY18 Revenue Mid-Point Outlook Below Consensus

Delphi Technologies (NYSE: DLPH) reported Q3 EPS of $0.72, $0.04 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.14 billion.

• Revenue of $1.2 billion, down 1%(*) year-on-year
• U.S. GAAP net income of $39 million, diluted earnings per share of $0.44
  • Excluding special items, earnings of $0.72 per diluted share
• U.S. GAAP operating income of $81 million, or 7.0% margin
  • Adjusted operating income of $108 million, or 9.3% margin
• $54 million of cash from operating activities
• Share repurchases and quarterly dividend totaling $25 million

CEO comments

"While we face a more challenging external environment, particularly in China, we delivered above market revenue growth in Q3 and remain in a strong position to unlock long-term value. Our confidence is driven by an acceleration in momentum in key areas of our portfolio which strengthens our future prospects. For example, our industry leading Power Electronics technology has seen adjusted revenue growth of approximately 50% in 2018. Moreover, with a record $9 billion of lifetime bookings in the first three quarters of the year, we have already exceeded our internal target for 2018, and we continue to make significant investments to support this growth," said Hari Nair, interim Chief Executive Officer of Delphi Technologies. "While we expect certain transitional headwinds to continue into 2019, we will further prioritize our investments in our industry-leading technologies on the path to electrification, and ultimately drive stronger long-term growth."

GUIDANCE:

Delphi Technologies sees FY2018 EPS of $4.20-$4.30, versus the consensus of $4.32. Delphi Technologies sees FY2018 revenue of $4.85-4.9 billion, versus the consensus of $4.9 billion.

For earnings history and earnings-related data on Delphi Technologies (DLPH) click here.

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