Delphi Reports Solid 2016 Results, Maintains 2017 Guidance; $62 Fair Value Estimate Unchanged
Narrow moat-rated Delphi reported earnings per share before special items (EPS) of $1.83 and $6.28 for the fourth quarter and full-year 2016, respectively. The full-year EPS result was $0.13 ahead of our EPS estimate of $6.15 but $0.24 better than consensus of $6.04. Our revenue estimate of $16.4 billion was $300 million lower than the $16.7 billion reported, while our estimate of Delphi's 2016 adjusted EBITDA margin (before special items) of 17.3% was 60 basis points shy of the 17.9% result. Si...
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