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Delphi Technologies shares fall after 26% drop in fourth quarter net profit

The UK-based but US-listed automotive components supplier was spun off from Delphi Automotive, which has since been rebranded as Aptiv PLC

car parts
The company is guiding 2018 adjusted earnings per share at between US$4.50 to US$4.80, and revenue of between US$4.9bn and US$5.1bn

Delphi Technologies PLC (NYSE:DLPH) shares dipped in premarket trade after reporting a 26% drop in fourth quarter net profit.

In a statement, Delphi said during the quarter, net profit came in at US$56mln, or 63 US cents a diluted share, against the US$78mln, or 88 US cents a share, a year ago.

First results since spin-off 

The figure was also below the US$76mln or 77 US cents a share that analysts had expected.

The UK-based but US-listed automotive components supplier was spun off from Delphi Automotive, which has since been rebranded as Aptiv PLC (NYSE:APTV).

During the quarter, the company’s tax expense rose US$27mln from US$23mln in 2016, bringing the effective tax rate at 30%, against 23% a year earlier. The company blamed this on the separation-related activities.

Excluding restructuring and other special items, Delphi reported an adjusted profit of US$1.24 a share for the quarter, from US$1.09 a share a year earlier.

The figure beat market expectations of 84 US cents a share.

In the quarter, sales rose 12% to US$1.29bn, from US$1.1bn, beating market consensus of US$960.5mln.

The company is guiding 2018 adjusted earnings per share at between US$4.50 to US$4.80, and revenue of between US$4.9bn and US$5.1bn.

In premarket, its shares were up 2.10% at US$50.00
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