Delphi Raises Guidance and Remains on Road to Driverless-Car Future
Delphi Automotive (NYSE: DLPH) wasn't on the radar of investors looking for an automotive investment until recently. That's not because anything was wrong with Delphi's business as a parts supplier, but when it divested its powertrain division and made clear its intentions to focus on developing technology for driverless vehicles, investors took notice. After all, driverless vehicles are the future, and there aren't very many pure plays to capitalize on the long-term development. The good news is that Delphi's current business is strong and its second quarter proves that -- here are the details and highlights.
Delphi's second-quarter revenue moved 3% higher to $4.3 billion; the growth was 5% when adjusted for currency exchange, commodity movements, acquisitions, and divestitures. That managed to top analysts' estimates calling for $4.2 billion, and that better-than-expected result filtered down to the bottom line. The company's earnings from continuing operations checked in with a 13% increase to $1.71 per share year over year, excluding special items, which and was well above last year's $1.59 per share.
Image source: Delphi Automotive.
Source: Fool.com
