NEW YORK (TheStreet) -- Delphi Automotive (DLPH) - Get Report shares are down 1.77% to $77.01 in early market trading on Thursday after the vehicle components manufacturer released its second quarter earnings results and and announced its purchase HellermannTyton Group in an effort to boost its technology holdings.
The company reported that net income increased 69% to $645 million, or $1.34 per share as the company benefited from the sale of its thermal business for $285 million and topped analysts' earnings expectations of $1.33 per share.
Revenue for the period dropped 5% to $3.86 billion as currency headwinds took their toll on the U.K.-based company's top line results.
Analysts on average were expecting the company to generate revenue of $3.88 billion during the period.
Separately, the company announced that it will purchase Hellermann for $1.85 billion.
"HellermannTyton positions Delphi to provide customers with an even broader portfolio of highly engineered and customized connection systems and cable management solutions," said CEO Kevin Clark.
TheStreet Ratings team rates DELPHI AUTOMOTIVE PLC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DELPHI AUTOMOTIVE PLC (DLPH) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."