DETROIT — Delphi Technologies PLC reported Wednesday improved financials for the second quarter of 2018 due to strong growth in North America and lower restructuring charges.
The Troy, Mich.-based powertrain technology supplier said net income for the quarter grew 79 percent to $86 million while revenue grew 1 percent to $1.23 billion.
Delphi beat Wall Street income estimates of $1.24 per share by recording $1.29 per share after accounting for interest expenses related to issuance of debt last year following its spinoff of Aptiv PLC.
The supplier also saw restructuring expenses fall to $12 million in the quarter from $66 million a year ago.
In December, Delphi Automotive plc split into two public companies: Delphi Technologies would continue to develop combustion and electrified powertrain offerings while Aptiv would focus its portfolio on new autonomous- and connected-vehicle solutions.
Delphi’s earnings in the quarter reflected growth in key markets, including 4 percent growth in North America, 2 percent in Europe and 6 percent in South America. But the company saw a decrease in sales in Asia for the quarter, dropping 4 percent, it said in a news release.
During the first half of 2018, the company recorded $5.3 billion in new backlog business, CEO Liam Butterworth said in the release. The company also announced it would repurchase $100 million of its own shares. The timing of the repurchase programs is not yet determined.
{{title}}
{{abstract}}
Be the first to comment