Delphi Q2 and H1 results down in ‘challenging’ environment

Delphi Technologies reported second quarter 2019 earnings of $0.31 per share compared to $0.97 per share in Q2 2018.

Excluding special items, second quarter earnings totaled $0.58 per share compared to $1.29.

Revenue was $1.1bn for the quarter and $2.3bn year to date, decreases of 9% and 10% compared to $1.2bn and $2.5bn for the respective equivalent prior periods.

Q2 net income was $27m (2018: $86m and $0.97 per share).

Operating income was $56m or 5.0% margin ($122m), adjusted operating income was $81m or 7.2% margin ($156m, 12.7%).

H1 net income was $43m and earnings per share $0.49 ($184m and $2.07).

Operating income was $111m, or 4.9% margin ($260m), adjusted operating income was $168m, or 7.4% margin ($315m, 12.5%).

"I am pleased with the progress we made in the second quarter, despite a challenging industry and macro environment, particularly in China," said Richard Dauch, CEO.

The supplier's revised full year 2019 financial outlook is:  Revenue $4,425m – $4,475m; adjusted operating income margin ~8%; adjusted net income per share $2.65 – $2.85.