Delphi announces the PDEP deal-
Delphi Automotive PLC said its first-quarter profit more than doubled as last year's moves to realign the company, combined with higher demand for its products in most regions around the world, bolstered its earnings power. The company continued its aggressive run on mergers and acquisitions by picking up New Zealand-based PureDepth Inc. which provides in-vehicle display technology. Terms of the deal weren't disclosed. The company operates a U.S. office in Redwood City, Calif. Last year, Delphi invested in two companies and acquired three others including two software makers. The results underscore how a steady march by Delphi to expand and bolster its electronics offerings is paying off. Many of the U.S. auto parts makers are on the hunt for more acquisition targets as they look to stay ahead of changing demand from their auto maker customers who want more cutting-edge technologies to improve everything from fuel efficiency to a consumer's driving experience. For the quarter, Delphi earned $425 million compared with $209 million for the same period a year earlier. Revenue rose almost 8% to $4.1 billion. On an adjusted basis, Delphi reported $1.36 a share, exceeding analyst estimates of $1.34. Delphi pointed to the financial boost it received from its acquisition of cable and connector maker HellermannTyton Group PLC. That acquisition deal closed in December.
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