Delphi Technologies has reported second quarter 2019 U.S. GAAP earnings of 31 cents per diluted share compared to 97 cents per diluted share for the prior year period. Excluding special items, second quarter earnings totaled 58 cents per diluted share compared to $1.29 per diluted share for the prior year period.

The company also reported revenue of $1.1 billion for the quarter and $2.3 billion for the year-to-date period, a decrease of 9% and 10% compared to $1.2 billion and $2.5 billion for the respective equivalent prior periods, on a U.S. GAAP basis. Adjusting for currency exchange, the second quarter and year-to-date revenue decreased 5% and 6%, respectively.

Second quarter highlights

• Revenue of $1.1 billion, down 9% on a U.S. GAAP basis and down 5% on a constant currency basis, year-on-year 
• S. GAAP net income of $27 million, diluted earnings per share of 31 cents
• Excluding special items, earnings of 58 cents per diluted share
• S. GAAP operating income of $56 million, or 5.% margin 
• Adjusted operating income of $81 million, or 7.2% margin
• Generated $70 million of cash from operating activities 
• Returned $15 million to shareholders through share repurchases

Year-to-date highlights

• Revenue of $2.3 billion, down 10% on U.S. GAAP basis and down 6% on a constant currency basis, year-on-year 
• S. GAAP net income of $43 million, diluted earnings per share of $0.49
• Excluding special items, earnings of $1.25 per diluted share
• S. GAAP operating income of $111 million, or 4.9% margin 
• Adjusted operating income of $168 million, or 7.4% margin
• Generated $91 million of cash from operating activities 
• Returned $30 million to shareholders through share repurchases

“I am pleased with the progress we made in the second quarter, despite a challenging industry and macro environment, particularly in China,” said Richard Dauch, CEP of Delphi Technologies. “We established a new company vision and mission, simplified our organizational structure and continued to improve our execution on key initiatives. Consistent with our mission to make vehicles drive cleaner, better and further, we secured a number of key wins, including our largest Power Electronics program. We also announced our industry-first 500+ bar GDi system, which will significantly improve vehicle emissions. Our leadership in propulsion technologies, customer focus and differentiated value proposition for both passenger cars and commercial vehicles underscores my confidence in our long-term growth potential. In the shorter-term, we remain focused on delivering improved underlying profitability, and creating value for all our stakeholders.”

Revised full year 2019 outlook

The Company’s full year 2019 financial outlook is as follows: