Research Desk Line-up: Douglas Dynamics Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 21, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Delphi Automotive PLC (NYSE: DLPH) ("Delphi"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DLPH, following the Company's disclosure of its second quarter fiscal 2017 operating results on August 02, 2017. The Vehicle component maker outperformed top- and bottom-line expectations and re-affirmed its forecast for the planned spin-off of its Powertrain segment into a publicly traded Company. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Auto Parts industry. Pro-TD has currently selected Douglas Dynamics, Inc. (NYSE: PLOW) for due-diligence and potential coverage as the Company announced on August 07, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Douglas Dynamics when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DLPH; also brushing on PLOW. With the links below you can directly download the report of your stock of interest free of charge at:
Delphi reported revenue of $4.32 billion in Q2 FY17, an increase of 3% compared to revenue of $4.21 billion in Q2 2016. Adjusted for currency exchange, commodity movements, and the divestiture of the Company's Mechatronics businesses, revenue increased by 5% on a y-o-y basis; reflecting growth of 3% in Europe, 16% in Asia, and 15% in South America, and consistent performance in North America. Delphi's revenue numbers topped Wall Street's forecasts of $4.2 billion.
For Q2 2017, Delphi reported adjusted operating income of $587 million compared to $580 million in Q2 2016, resulting from the continued above-market growth of the Company's businesses in all regions.
During Q2 2017, Delphi's adjusted operating margin was 13.6% compared to 13.8% in the prior year's corresponding period, reflecting the 40 basis point impact of the Mechatronics divestiture as well as continued investments for growth, offset by sales growth and the beneficial impacts of cost reduction initiatives, including its continuing rotation to best cost manufacturing locations in Europe. The Company's depreciation and amortization expense (including asset impairment charges) totaled $181 million in the reported quarter, a decrease from the $190 million reported in the prior year's comparable period.
Delphi reported US GAAP net income from continuing operations of $369 million and earnings from continuing operations of $1.38 per diluted share in Q2 2017 compared to $258 million and $0.94 per diluted share in Q2 2016. The Company's adjusted net income totaled $457 million, or $1.71 per diluted share, which includes the favorable impacts of a reduced share count and a lower tax rate for the reported quarter compared to adjusted net income in the prior year's same period of $435 million, or $1.59 per diluted share. Delphi's earnings topped analysts' estimates of $1.65 per share.
During Q2 2017, Delphi generated net cash flow from operating activities of $599 million compared to $575 million in Q2 2016. The Company generated net cash flow from operating activities of $889 million in the six months ended June 30, 2017, compared to $843 million in the prior year's same period. As of June 30, 2017, the Company had cash and cash equivalents of $0.8 billion and total debt of $4.1 billion.
Share Repurchase Program
During Q2 2017, Delphi repurchased 1.09 million shares for approximately $95 million under its existing authorized share repurchase program, leaving approximately $1.08 billion available for future share repurchases. Year-to-date, the Company repurchased 3.65 million shares for approximately $288 million.
Delphi's Q3 2017 outlook reflects $4.05 billion of revenue at the midpoint, up approximately 3% organic or 3.5 points above market. The Company's margins are expected to be up approximately 30 basis points. Earnings are expected to be in the range of $1.52 to $1.58 per share, up 8% at the midpoint.
For FY17, Delphi is forecasting revenue in the range of $16.85 billion to $17.05 billion. The Company's adjusted operating income is now expected to be $2.27 billion at the midpoint, with margins up approximately 20 to 30 basis points y-o-y. Earnings per share are now expected in the range of $6.55 to $6.75, a $0.10 increase at the midpoint. Cash flow guidance is expected to be $1.85 billion net of that payment.
Spin-off of Powertrain Systems Segment
Delphi continued its progress toward the planned tax-free spin-off of its Powertrain Systems segment into a new, independent publicly traded Company, and remains on track to complete the transaction by March 2018. Powertrain intends to have its ordinary shares listed on the New York Stock Exchange.
On Friday, August 18, 2017, the stock closed the trading session at $92.27, marginally down 0.16% from its previous closing price of $92.42. A total volume of 1.57 million shares have exchanged hands. Delphi Automotive's stock price skyrocketed 7.42% in the last three months, 22.28% in the past six months, and 41.80% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 37.00%. The stock is trading at a PE ratio of 19.52 and has a dividend yield of 1.26%. At Friday's closing price, the stock's net capitalization stands at $24.66 billion.
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