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Gloucestershire Business News

Delphi Technologies continues to motor ahead

Third quarter results for major Gloucestershire employer and vehicle engine parts maker Delphi Technologies show a business running through the gears nicely.

American-headquartered Delphi Technologies employs an estimated 1,000 at its Stonehouse base where it makes and develops technology for combustion engines and electrically power vehicles.

According to its latest set of figures it picked up a cool $3.8 billion of bookings in its third quarter alone - that is across its whole business.

"While we face a more challenging external environment, particularly in China, we delivered above market revenue growth in Q3 and remain in a strong position to unlock longterm value," said Hari Nair, the firm's interim chief executive officer."

It is not travelling a road without its challenges, however.

Revenue was actually down for its third quarter compared with the same time last year - a fall of one per cent to $1.2 billion.

Conversely, for the whole period to date for the year (all three quarters) it was up by two per cent to $3.7 billion dollars.

On a regional basis, adjusted revenue over the three periods reflects growth of four per cent in North America, two per cent in Europe, nine per cent in South America and a decrease of three per cent in Asia Pacific.

Delphi points out that its year-on-year figures should perhaps be taken with a pinch of salt.

Before December 4, 2017, Delphi Technologies operated as the Powertrain Systems segment of Delphi Automotive PLC (the "former parent") and "the historical financial information was derived from the former parent's accounting records".

Mr Nair is positive about the future.

"Our confidence is driven by an acceleration in momentum in key areas of our portfolio which strengthens our future prospects," he said.

"For example, our industry leading Power Electronics technology has seen adjusted revenue growth of approximately 50 per cent in 2018.

"Moreover, with a record $9 billion of lifetime bookings in the first three quarters of the year, we have already exceeded our internal target for 2018, and we continue to make significant investments to support this growth."

He added: "While we expect certain transitional headwinds to continue into 2019, we will further prioritize our investments in our industry leading technologies on the path to electrification, and ultimately drive stronger long-term growth."

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