Delphi Automotive PLC has reported second quarter 2016 U.S. GAAP earnings from continuing operations of 94 cents per diluted share. Excluding special items, second quarter earnings from continuing operations totaled $1.59 per diluted share.
“Delphi delivered solid second quarter financial results, with accelerated revenue and earnings growth,” said Kevin Clark, president and CEO. “We continue to leverage our business model and remain disciplined in our allocation of capital, investing in both organic and inorganic growth.”
Second Quarter 2016 Results
The company reported second quarter 2016 revenue of $4.2 billion, an increase of 9 percent from the prior year period, reflecting the acquisition of HellermannTyton Group PLC 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 percent in the second quarter. This reflects growth of 7 percent in North America, 10 percent in Europe and 5 percent in Asia, partially offset by a decline of 19 percent in South America.
The company reported second quarter 2016 U.S. GAAP net income from continuing operations of $258 million and earnings from continuing operations of 94 cents per diluted share, compared to $350 million and $1.21 per diluted share in the prior year period. The second quarter 2016 results include pre-tax restructuring charges of $154 million and related asset impairments of $22 million, principally related to programs focused on the continued rotation of our manufacturing footprint to low cost locations in Europe.
Year-to-Date 2016 Results
For the six months ended June 30, 2016, the company reported revenue of $8.3 billion, an increase of 8 percent from the prior-year period, reflecting the acquisition of HellermannTyton 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 percent during the period. This reflects growth of 6 percent in North America, 10 percent in Europe and 7 percent in Asia, partially offset by a decline of 21 percent in South America.
For the 2016 year-to-date period, the company reported U.S. GAAP net income from continuing operations of $578 million and earnings from continuing operations of $2.10 per diluted share, compared to $638 million and $2.20 per diluted share in the prior year period.
Share Repurchase Program
During the second quarter of 2016, Delphi repurchased 0.89 million shares for approximately $65 million under its existing authorized share repurchase programs, leaving approximately $1.57 billion available for future share repurchases. Year-to-date, the company has repurchased 6.49 million shares for approximately $435 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.
