GILLINGHAM, England & TROY, Mich. – Delphi Automotive PLC has reported second quarter 2013 revenues of $4.2 billion, an increase of 6 percent from the prior year period, primarily reflecting the acquisition of the Motorized Vehicles Division (MVL) from FCI Group. Adjusted for the impacts of currency exchange, commodity movements, acquisitions and divestitures, revenue increased by 1 percent in the second quarter.
The company reported second quarter U.S. GAAP net income of $367 million and earnings of $1.17 per diluted share, compared to $330 million and $1.01 per diluted share in the prior year period. The current year quarterly U.S. GAAP results include special items consisting of restructuring-related charges and acquisition-related integration costs. Excluding these special items, the company reported adjusted second quarter earnings of $388 million, or $1.24 per diluted share, compared to adjusted earnings of $336 million, or $1.03 per diluted share in the prior year period.
"Delphi had another quarter of outstanding operating performance," said Rodney O’Neal, CEO and president. "Our operating model and lean cost structure allowed us to achieve record margins and increase earnings per share. We continue to remain focused on leveraging our leading portfolio of innovative technology solutions to enhance shareholder value."
Delphi reported second quarter 2013 revenue of $4.2 billion, an increase of 1 percent compared to the second quarter of 2012, adjusting for currency exchange, commodity movements, acquisitions and divestitures. This reflects growth of 9 percent in Asia, 4 percent in North America and 13 percent in South America, offset by a decline in Europe of 7 percent.
Second quarter net income excluding restructuring, acquisition-related integration costs, and losses on extinguishment of debt (Adjusted Net Income), totaled $388 million, or $1.24 per diluted share, which includes the favorable impacts of a lower effective tax rate and reduced share count. Adjusted Net Income in the prior year period was $336 million, or $1.03 per diluted share.
The company generated net cash flow from operating activities of $523 million in the second quarter of 2013, compared to $461 million in the prior year period.
Year-to-Date 2013 Results
For the six months ended June 30, 2013, the company reported revenue of $8.3 billion, a decrease of 3 percent compared to the six months ended June 30, 2012, adjusting for currency exchange, commodity movements, acquisitions and divestitures. This reflects growth of 8 percent in Asia, 1 percent in North America and 10 percent in South America, offset by a decline in Europe of 12 percent.
For the 2013 year-to-date period, Adjusted Net Income totaled $724 million, or $2.31 per diluted share, which includes the favorable impacts of a lower effective tax rate and reduced share count. Adjusted Net Income in the prior year period was $682 million, or $2.08 per diluted share.
The company reported Adjusted Operating Income of $944 million for the six months ended June 30, 2013, compared to $946 million in the prior year period. Adjusted Operating Income margin was 11.4 percent in the six months ended June 30, 2013, compared with 11.7 percent in the prior year period.
The company generated net cash flow from operating activities of $672 million in the six months ended June 30, 2013, compared to $754 million in the prior year period. As of June 30, 2013, the company had cash and cash equivalents of $1 billion and access to $1.5 billion in undrawn committed revolving bank facilities, and total debt of $2.4 billion.
Share Repurchase Program
During the second quarter of 2013, Delphi repurchased 2.45 million shares for approximately $120 million under its existing authorized share repurchase program, leaving approximately $405 million available for future share repurchases. Year-to-date, the company has repurchased 5.3 million shares for approximately $242 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.
