Delphi Automotive reported second quarter net income of US$382m and earnings of $1.26 per share compared to $367m and $1.17 per share a year ago.

Second quarter revenue rose 5% to $4.5bn as a result of growth of 13% in Asia, 7% in North America and flat performance in Europe, offset by a decline of 24% in South America.

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Analysts polled by Thomson Reuters I/B/E/S expected profit and revenue at the higher end of those ranges, at $1.17 a share on revenue of $4.32 billion.

Morgan Stanley analyst Ravi Shanker said the second-quarter results were “tepid.” He said Delphi’s operations were mostly in line, and results were helped by lower interest expense, tax rate and share count.

Second quarter special items included restructuring and acquisition-related integration costs, asset impairments and losses on extinguishment of debt. Adjusted Net Income was $432m, or $1.42 a share versus $388m and $1.24 in Q2 2013.

Adjusted operating income was $547m compared to $513m and margin increased to 12.3% from 12.1% due to good performance in Asia and North America and European restructuring.

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“Continued outstanding operating performance drove our second quarter financial results to a new quarterly record for the company,” said Rodney O’Neal in a statemement.

“The macro environment in South America just continues to deteriorate,” he said on a conference call.

Half year revenue rose 6% to $8.7bn and net income of $702m and earnings of $2.30 per share compared to $643m and $2.05 the previous year.

Adjusted operating income was $1,030m versus $944m and margin was 11.8% versus 11.4%.

The supplier is expecting lower adjusted operating income in the third quarter ($450-$480m) and has reduced slightly its full year forecast to $1,975-$2,050 and margin prediction (11.5%-11.6%). Adjusted earnings per share are seen down from a range of $4.95-$5.10 to $4.80-$5.00.

Morgan Stanley analyst Ravi Shanker told Reuters the second-quarter results were “tepid”. He said Delphi’s operations were mostly in line, and results were helped by lower interest expense, tax rate and share count.