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August 3, 2016

Delphi records Q2 revenue up 7% to US$4.2bn

Delphi has posted second quarter revenue up 7% to US$4.2bn, adjusted for currency exchange, commodity movements, acquisitions and divestitures.

Delphi has posted second quarter revenue up 7% to US$4.2bbn, adjusted for currency exchange, commodity movements, acquisitions and divestitures.

Adjusted operating income was US$577m, up 10%, while Delphi reported it had generated US$575m of cash from continuing operations.

“Delphi delivered solid second quarter financial results, with accelerated revenue and earnings growth,” said president and CEO, Kevin Clark.

“We continue to leverage our business model and remain disciplined in our allocation of capital, investing in both organic and inorganic growth.”

The US$4.2bn second quarter 2016 revenue reflected the acquisition of HellermannTyton Group and continued volume growth in North America, Europe and Asia Pacific.

Adjusted for currency exchange, commodity movements, the acquisition of HellermannTyton and the divestiture of the company’s Reception Systems business, revenue increased by 7% in the second quarter. This reflects growth of 7% in North America, 10% in Europe and 5% in Asia, partially offset by a decline of 19% in South America.

The supplier recorded second quarter 2016 US GAAP net income from continuing operations of US$258m.

The second quarter 2016 results include pre-tax restructuring charges of US$154m and related asset impairments of US$22m, principally related to programmes focused on continued rotation of manufacturing footprint to low cost locations in Europe.

Second quarter adjusted net income, a non-GAAP financial measure, totalled US$435m, or US$1.59 per diluted share, which includes the favourable impact of a reduced share count, offset by a higher tax rate compared to the prior year period.

For the six months ended 30 June, Delphi reported revenue of US$8.3bn, an increase of 8%.

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