Delphi Automotive Q2 Profit From. Cont. Opns Down

(RTTNews) - Delphi Automotive PLC (DLPH)reported second quarter 2016 U.S. GAAP net income from continuing operations of $258 million and earnings from continuing operations of $0.94 per 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. Second quarter Adjusted Net Income,totaled $435 million, or $1.59 per diluted share, which includes the favorable impact of a reduced share count, offset by a higher tax rate compared to the prior year period. Adjusted Net Income in the prior year period was $386 million, or $1.34 per share.

The Company reported second quarter 2016 revenue of $4.2 billion, an increase of 9% 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% in the second quarter. This reflects growth of 7% in North America, 10% in Europe and 5% in Asia, partially offset by a decline of 19% in South America.

For the third-quarter, the company expects adjusted earnings per share of $1.38 - $1.44, and revenue of $3.925 billion - $4.000 billion.

Looking ahead for 2016, the company expects adjusted earnings per share of $5.95 - $6.05, and revenue of $16.250 billion - $16.450 billion.