Delphi Automotive (NYSE: DLPH), a leading global vehicle components manufacturer providing electrical and electronic, powertrain, safety and thermal technology solutions to the global automotive and commercial vehicle markets, today reported second quarter 2012 revenues of $4.0 billion, a decrease of 5.1% from the prior year period, the result of significant weakening of the Euro and Brazilian Real. Adjusted for the impacts of currency exchange, commodity movements and divestitures, revenue increased 1.3% in the second quarter. The Company reported second quarter net income of $330 million and diluted earnings per share of $1.01, compared to $298 million and $0.88 per diluted share in the prior year period.
“Delphi's solid second quarter financial results reflect the balance of our geographic diversity and the benefits of our lean and flexible cost structure,” said Rodney O'Neal, chief executive officer and president. “We remain confident that even in this challenging macro-environment, we are well positioned to generate significant cash flow and increase profitability.”
Second Quarter 2012 Results
The Company reported second quarter 2012 revenue of $4.0 billion, an increase of 1.3% over the second quarter of 2011, adjusting for currency exchange, commodity movements and divestitures. The increase in adjusted revenue reflects growth of 10% in Asia and 7% in North America, partially offset by a 3% decline in Europe and a 13% decline in South America.Second quarter net income totaled $330 million, or $1.01 per diluted share, compared to net income of $298 million, or $0.88 per diluted share, in the prior year period (refer to footnote 2 for determination of weighted average shares outstanding and earnings per share calculations). Second quarter earnings before depreciation and amortization, interest expense, other income (expense), income tax expense, and equity income (“EBITDA”) was $581 million, compared to $544 million in the prior year period, an increase of 6.8%. EBITDA margin was 14.5% in the second quarter of 2012, compared to 12.9% in the prior year period. The improvement in EBITDA reflects strong performance in the Electrical/Electronic Architecture, Powertrain, and Electronics and Safety segments, partially offset by the unfavorable impacts of currency exchange and lower earnings in our Thermal segment.