Delphi Automotive Systems Inc. announced that its sales in the first quarter of 2012 was US$4.1 billion, an increase of 2.4% over the same period last year.
Delphi’s net profit for the first quarter was $342 million, and diluted earnings per share were $1.04. The net profit for the same period in 2011 was US$291 million, and the diluted profit per share was US$0.42. Delphi's EBITDA for the first quarter was US$578 million (14.1% of sales), an increase of 9.3% year-on-year, and EBITDA for the same period of 2011 was US$529 million (13.2% of sales).
In the first quarter, Delphi’s interest expense was US$35 million and income tax expense was US$77 million. The free cash flow generated by the company's operations was 293 million U.S. dollars. As of March 31, 2012, Delphi’s cash and cash equivalents totaled 1.4 billion U.S. dollars and total debt was 2.1 billion U.S. dollars.
In the first quarter of 2012, Credit Rating Agency Standard & Poor's upgraded Delphi’s credit rating from BB to BB+, and Moody’s Investor Company upgraded Delphi’s credit rating from Ba2 to Ba1, with a stable outlook. Delphi expects sales in the second quarter of 2012 to be between US$4.025 billion and US$4.1 billion, diluted earnings per share from US$0.87 to US$0.99, and EBITDA of US$540 million to US$580 million (accounting for 13.4% of sales). To 14.1%). In addition, Delphi expects 2012 annual sales to be between 16.2 billion to 16.5 billion US dollars.
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