Please note that our discussion today will include information on non-GAAP financial measures, all of which are reconciled with GAAP numbers in our press release attachment. The earnings release and attachments are also posted on our website.In addition, some of our comments today will include forward-looking statements. Please keep in mind that our actual results could differ materially from those projected in any of our forward-looking statements. With that, I will turn the call over to Gregg. Gregg M. Sherrill Thank you, Linae, and good morning, everyone. As you've already seen in our earnings release, we delivered strong results this quarter including revenue growth, improved profitability and good cash flow performance. Our adjusted EBIT margin improved in every segment of our business, which is especially significant given the economic challenges in some of our markets around the world. Taking a look at the financial highlights on Slide 3, we reported record second quarter performance in a number of key metrics, including revenue, EBIT, net income, earnings per share and our leverage ratio, all of which reflects strong execution on our growth initiatives and good operational performance in all regions. We also benefited this quarter from our geographic balance. With the slowly strengthening economy in the United States and continued growth in China, our operations in these regions help offset industrial -- industry volume declines in both Europe and in South America. Turning first to revenue on Slide 4. Total revenue was $1.9 billion, which after adjusting for substrate sales and currency was a 9% increase over a year ago. On the OE side of our business, we did an excellent job of leveraging strong production volumes in North America and China. We also increased Europe OE revenue, excluding currency, despite economic headwinds throughout the region. The increase was largely driven by the strong platform mix we have in the emission control business.
Continuing around the world, we saw lower-than-expected light and commercial vehicle volumes in South America, which impacted revenue, but conversely strong volumes drove an increase in India, mostly on new platforms as we continue to expand in this fast-growing market.Now turning to Slide 5, and an update on our growing commercial vehicle business. Although still very early in a secure growth period, our OE commercial vehicle revenue was $226 million, a 36% increase over a year ago and representing 12% of our total revenue. In our commercial vehicle business this quarter, we did see macroeconomic conditions negatively impacting customer schedules across North America, Europe and South America. Despite the economic uncertainty, we still expect very strong commercial vehicle revenue growth this year, although revenues will likely be closer to the first half run rate that are our forecast at the beginning of the year. Having said that, I'm still very pleased with our program content and overall launch execution in all regions, and I believe this is positively reflected in our results this quarter. Equally important is that our Advanced Technology solutions and global engineering and manufacturing capability continue to result in new business awards. We have an impressive list of customers as you can see on Slide 6. And today, I'm pleased to announce new off-road business in Europe with MAN and one other unnamed customer. And in addition, we've added Tata Motors in India for on-road business. Now turning to earnings on Slide 7. EBIT increased by $24 million or 21% year-over-year. These very strong results were driven by our strong operational performance on higher light vehicle volumes and the benefit from incremental commercial vehicle revenue. As I said upfront, we're pleased with our EBIT margin performance. With contributions from all 3 segments, adjusted EBIT as a percent of value-added revenue increased 1.4 percentage points to 9.3%.
And finally, I want to acknowledge our employees for their hard work and staying focused on our customers, which ultimately drives all our results. Our teams around the world are executing well on a number of fronts: launching new platforms, continuing to win new business, expanding in new segments and regions and managing through challenging industry conditions in certain markets.Read the rest of this transcript for free on seekingalpha.com