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Oct 24 (Reuters) - Delphi Automotive Plc reported a better-than-expected quarterly profit as demand for its auto parts rose in Asia and North America.
Delphi’s revenue grew 9 percent in Asia and 6 percent in North America in the third quarter ended Sept. 30.
U.S. auto sales in the third quarter were the best in eight years, rising 10 percent in September and signaling consumer spending was recovering. One-fifth of all retail spending in the United States is on vehicles.
Delphi benefited also from its restructuring activities in Europe and South America.
“ ... (The results) reflect the benefits of our on-going restructuring programs focused on aligning our manufacturing capacity with the current automotive production levels in Europe and South America,” the company said in a statement.
Delphi was embroiled in the General Motors Co controversy this year after it was disclosed that the company provided ignition switches for a number of older GM cars linked to at least 13 deaths.
Delphi has been producing replacement switches for more than 2 million GM cars that were recalled earlier this year.
Delphi also raised the lower end of its 2014 earnings forecast range on Friday, narrowing the range to $5.00-$5.10 per share from $4.95-$5.10.
Analysts were expecting $5.04 per share, according to Thomson Reuters I/B/E/S.
Net income attributable to Delphi rose to $305 million, or $1.02 per share, in the third quarter from $271 million, or 87 cents per share, a year earlier.
Excluding items, the company earned $1.16 per share.
Revenue rose 3.2 percent to $4.14 billion.
Analysts on average had expected a profit of $1.13 per share and revenue of $4.20 billion.
Delphi shares closed at $65.70 on Thursday on the New York Stock Exchange. Up to Thursday’s close, the stock had risen 9.2 percent this year. (Reporting by Abinaya Vijayaraghavan in Bangalore; Editing by Kirti Pandey)