Delphi Technologies has posted a second-quarter operating loss of US$60m, compared to an operating income of US$56m in the previous year.
Revenue of US$628m decreased 44% from Q2, 2019.
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Adjusting for currency exchange, revenue decreased 41%. The decline was primarily due to lower global production, closure of customer production sites related to COVID-19 and the downward trend in passenger car diesel fuel injection systems in Europe.
This was partially offset by strong growth in Power Electronics.
On a regional basis, adjusted revenue reflects decreases of 57% in Europe, 61% in North America, and 34% in South America, partially offset by an increase of 13% in Asia Pacific, including an increase of 41% in China.
“In the face of the severe economic downturn and complexity caused by the global COVID-19 pandemic, the Delphi Technologies team performed admirably in the second quarter and I could not be more proud of them.” said Delphi Technologies CEO, Richard Dauch.
“Our financial position remained robust, reflecting our ability to execute on our key strategic priorities in the most difficult of environments. We acted decisively to protect the health and safety of our employees and families, as well as taking the necessary steps to preserve and generate cash.”
