Delphi Automotive plc (DLPH)

DLPH 
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Delphi Automotive PLC (DLPH)

Q1 2013 Earnings Call

May 01, 2013 10:00 am ET

Executives

Jack Monti

Rodney O'Neal - Chief Executive Officer, President and Director

Kevin P. Clark - Chief Financial Officer and Executive Vice President

Analysts

Brian Arthur Johnson - Barclays Capital, Research Division

Rod Lache - Deutsche Bank AG, Research Division

John Murphy - BofA Merrill Lynch, Research Division

David Leiker - Robert W. Baird & Co. Incorporated, Research Division

Ravi Shanker - Morgan Stanley, Research Division

Patrick Archambault - Goldman Sachs Group Inc., Research Division

Itay Michaeli - Citigroup Inc, Research Division

Christopher J. Ceraso - Crédit Suisse AG, Research Division

Anthony Deem - KeyBanc Capital Markets Inc., Research Division

Emmanuel Rosner - Credit Agricole Securities (USA) Inc., Research Division

Ryan Brinkman - JP Morgan Chase & Co, Research Division

Colin Langan - UBS Investment Bank, Research Division

Presentation

Operator

Good morning. My name is Lisa, and I will be your conference facilitator. At this time, I would like to welcome everyone to Delphi's First Quarter 2013 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Jack Monti, Delphi's Director of Investor Relations. Sir, you may now begin your conference.

Jack Monti

Thank you, Lisa, and thanks so much, everyone, for joining Delphi's first quarter earnings call. To follow on with today's presentation, our slides can be found at delphi.com under the Investors section of the website. Please see Slide 2 for disclosure on forward-looking statements, which we'll be making on today's call and only reflect Delphi's current view of future financial performance, which may be materially different from our actual performance.

Joining today's call will be Rod O'Neal, Delphi's CEO and President; and Kevin Clark, our CFO. As seen on Slide 3, Rod O'Neal will begin the call with an overview of our first quarter, followed by Kevin Clark, who will review our financial performance in greater detail, discuss our 2013 outlook, and then open the line for Q&A. With that, I'll now turn the call over to Rod.

Rodney O'Neal

Thank you, Jack, and good morning, everyone. I'm very pleased with our performance in Q1, especially in light of the challenges we all faced in Europe.

So if you move to Slide 5, you'll see that, as expected, we had a very, very solid quarter. I'd like to share some of the highlights with you. We had adjusted earnings of $1.07 per share compared to $1.05 last year. We continued our initiatives to further optimize our cost structure and expand margins. We continue to invest in our bright future by increasing our investment in advanced engineering to support the development of new technologies in the areas of safety and interconnect.

We also bought back $122 million of stock in the first quarter. Now this brings our total share repurchases to just over $0.5 billion in the last 12 months, though $1 billion in total has been authorized by our Board of Directors. We also initiated a quarterly dividend of $0.17 a share that amounts to a little over $200 million of capital returned to our shareholders each year. So these combined activities show that our management team remains laser-focused in increasing shareholder value, even in this very challenging environment.

Turning to Slide 6. This slide shows validation of our ability to execute flawlessly as we continue to receive accolades from our customers for achieving their expectations on quality, delivery and launch. As you look at the chart, you'd see a diverse group of customers who have recognized us with awards in the last quarter. It's also important to note the number of awards from our Chinese customers. That region is very important to our growth strategy, so recognition from our customers there is very, very key to our success. So all of these awards reinforce that Delphi's providing customers with advanced, game-changing technologies the consumers want, which brings us to Slide 7.

I'm extremely proud to share that Delphi recently won another prestigious PACE Award and was finalist for 3 other products. We won with our game-changing common rail for heavy duty diesel. Now this award highlights our commitment to providing leading-edge technical solutions for the marketplace. Delphi now has 16 PACE Awards, more than any other company which is testament to the culture of innovation the team embodies.

Moving to Slide 8. Coming off of a record year in new bookings, last year in 2012, we're off to a great start in 2013, and we expect this trend to continue. In Q1, we received bookings from key customers that include a Nissan award for electrical architecture in North America, a Honda award for flex engine management systems in South America, a Renault award for radar camera system in Europe. We won a significant electrical architecture win in China. And we won a major award for our GDi technology in North America. So for the last 17 quarters, we generated almost $90 billion in bookings. As you can see from the pie chart, in Q1, we continued to increase the geographic diversification of our business with Asia representing 34% of the bookings.

So before I turn it over to Kevin, let me go to Slide 9. And to sum it up, we have great products and I have a great management team that executes flawlessly. Our priorities for the future, well, they remain unchanged, and they are focused on creating value for the customer and for the shareholder.

We will achieve disciplined revenue growth. We will further optimize our European footprint and relocated to lower cost countries. We will continue to delight our customers with award-winning technologies. We will further expand margins and increase earnings per share, and we will continue to deploy capital in a very disciplined manner. I'm extremely optimistic about the future of Delphi. And with that, I'll turn it over to Kevin who will cover the numbers. Kevin?

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