Automotive parts supplier Delphi Corp. Tuesday posted weaker fourth-quarter earnings as one-time charges offset cost cuts from its ongoing restructuring.
Delphi said net earnings fell to $82 million, or 15 cents per share, from $119 million, or 21 cents per share, a year earlier.
Excluding $46 million in restructuring charges, Delphi said it earned $128 million, or 23 cents a share. The Troy, Michigan, company, had said in December it expected fourth-quarter profit of $110 million to $130 million, excluding one-time charges.
On that basis, Wall Street analysts had expected Delphi, which is in the midst of a global restructuring aimed at cutting 8,500 jobs worldwide, to earn 21 cents per share in the fourth quarter, according to Reuters Research, a unit of Reuters Plc.
Delphi said sales rose 4 percent to $7.3 billion from $7 billion a year earlier.
The company forecast first-quarter net earnings of $30 million to $80 million, including $45 million to $65 million in restructuring costs.