Delphi Automotive PLC has reported second quarter 2017 U.S. GAAP earnings from continuing operations of $1.38 per diluted share. Excluding special items, second quarter earnings from continuing operations totaled $1.71 per diluted share.

“Delphi delivered another strong quarter driven by our portfolio of relevant technologies,” said Kevin Clark, president and CEO. “Based on our strong first half performance, we are raising our sales and earnings outlook for the year. We continue to execute as planned on the announced spin-off of our Powertrain segment and remain committed to providing value to our customers and creating value for our shareholders.”

Second Quarter 2017 Results

The company reported second quarter 2017 revenue of $4.3 billion, an increase of 3 percent from the prior-year period. Adjusted for currency exchange, commodity movements and the divestiture of the company’s Mechatronics businesses, revenue increased by 5 percent in the second quarter. This reflects growth of 3 percent in Europe, 16 percent in Asia, 15 percent in South America and consistent performance in North America.

Delphi reported second quarter 2017 U.S. GAAP net income from continuing operations of $369 million and earnings from continuing operations of $1.38 per diluted share, compared to $258 million and 94 cents per diluted share in the prior year period. Second quarter adjusted net income, a non-GAAP financial measure defined below, totaled $457 million, or $1.71 per diluted share, which includes the favorable impacts of a reduced share count and a lower tax rate compared to the prior period. Adjusted net income in the prior year period was $435 million, or $1.59 per diluted share.

Year-to-Date 2017 Results

For the six months ended June 30, 2017, the company reported revenue of $8.6 billion, an increase of 4 percent from the prior year period, reflecting volume growth in all regions. Adjusted for currency exchange, commodity movements and the divestiture of the company’s Mechatronics businesses, revenue increased by 7 percent during the period. This reflects growth of 3 percent in North America, 6 percent in Europe, 13 percent in Asia and 15 percent in South America.

For the 2017 year-to-date period, the company reported U.S. GAAP net income from continuing operations of $704 million and earnings from continuing operations of $2.62 per diluted share, compared to $578 million and $2.10 per diluted share in the prior year period. Year-to-date adjusted net income totaled $885 million, or $3.29 per diluted share, which includes the favorable impacts of a reduced share count and a lower tax rate compared to the prior period. Adjusted net income in the prior year period was $812 million, or $2.95 per diluted share.

Share Repurchase Program

During the second quarter of 2017, the company repurchased 1.09 million shares for approximately $95 million under its existing authorized share repurchase program, leaving approximately $1,084 million available for future share repurchases. Year-to-date, the company repurchased 3.65 million shares for approximately $288 million. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.

Spin-off of Powertrain Systems Segment

Delphi also says it has continued its progress toward the planned tax-free spin-off of its Powertrain Systems segment into a new, independent publicly traded company, and remains on track to complete the transaction by March 2018.