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Delphi Technologies Reports Second Quarter Results

Revenue outperformance supported by strong year-on-year Power Electronics growth.

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Delphi Technologies PLC has announced financial results for its second quarter 2020.

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Revenue of $628 million decreased 44% from Q2 2019. Adjusting for currency exchange, revenue decreased 41%. The decline was primarily due to lower global production, the closure of customer production sites related to COVID-19 and the downward trend in passenger car diesel fuel injection systems in Europe. This was partially offset by strong growth in Power Electronics. 

On a regional basis, adjusted revenue reflects decreases of 57% in Europe, 61% in North America, and 34% in South America, partially offset by an increase of 13% in Asia Pacific, including an increase of 41% in China. 

Operating loss was $60 million, compared to operating income of $56 million in the prior year period. Adjusted operating loss was $43 million, compared to $81 million of adjusted operating income in the prior year period. The decrease was primarily due to lower volumes, partially offset by structural cost reductions. 

Earnings per diluted share of $(1.23), compared to $0.31 in the prior year period. Excluding special items, earnings per diluted share was $(0.58), compared to $0.58 in the prior year period. 

The company executed the sale of a technical center and received cash proceeds of approximately $40 million during the third quarter 2020.

“In the face of the severe economic downturn and complexity caused by the global COVID-19 pandemic, the Delphi Technologies team performed admirably in the second quarter and I could not be more proud of them,” said Richard Dauch, CEO of Delphi Technologies.

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“Our financial position remained robust, reflecting our ability to execute on our key strategic priorities in the most difficult of environments. We acted decisively to protect the health and safety of our employees and families, as well as taking the necessary steps to preserve and generate cash.

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