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