DETROIT (Bloomberg) -- Delphi Automotive LLP, the former General Motors Co. unit that exited an almost four-year bankruptcy in 2009, said first-quarter earnings jumped 35 percent as North American vehicle production recovers.
Net income rose to $291 million in the three months ended March 31, from $215 million a year earlier, Delphi said today in a statement. Revenue at the closely held company climbed 17 percent to $4 billion.
Once the largest U.S. auto-parts maker, Delphi is owned by former lenders including Elliott Management Corp. and Silver Point Capital LP. Delphi agreed in March to buy back an equity stake from GM for $3.8 billion and shares from the Pension Benefit Guaranty Corp. for $594 million to simplify its capital structure, clearing the way for a potential initial public offering of stock, David Whiston, an equity analyst with Morningstar Inc. in Chicago, said in a telephone interview.
"We're on the upside of the recovery now and that recovery, volume-wise, has a long way to go," Whiston said. "If you're an investor, a time like now is exactly when you would to take Delphi public."
Vehicle production in North America increased 14.4 percent to 4.5 million units through April compared with the same period of 2010, according to the Automotive News data center.
Delphi, which makes parts including fuel-injection systems, said 20 percent of its sales in the quarter were to GM. Such sales accounted for 54 percent of Delphi's $28.6 billion revenue in 2004. Delphi's bankruptcy restructuring resulted in four classes of shares.
Elliott and Silver Point bought most of the original company and maintain a controlling interest. The PBGC is a federal corporation created by Congress in 1974 to protect pension programs of bankrupt companies.