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Adjusted operating income was $314 million, compared to $548 million in the prior year period.
New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. Adjusting for currency exchange, the second quarter and year-to-date revenue decreased 5% and 6%, respectively.Revenue of $1.1 billion, down 9% on a U.S. GAAP basis and down 5% on a constant currency basis, year-on-yearU.S. GAAP net income of $27 million, diluted earnings per share of $0.31Excluding special items, earnings of $0.58 per diluted shareU.S. This includes headquarter-related and other functional expenses such as executive management, corporate finance, legal and human resources.Therefore, the prior period information provided below has been recast to reflect these changes. The year-on-year decline in adjusted operating income was primarily due to unfavorable product mix, most notably between higher margin passenger car diesel fuel injection systems, and lower margin advanced gasoline direct injection fuel systems. Adjusted Operating Income represents net income before interest expense, other (expense) income, net, income tax expense, equity income, net of tax, restructuring, separation costs, asset impairments and pension charges. Largest ever commercial win and continued operational progress, despite more challenging macro and industry dynamics. GAAP net income of $43 million, diluted earnings per share of $0.49Excluding special items, earnings of $1.25 per diluted shareU.S. GAAP operating income of $111 million, or 4.9% marginAdjusted operating income of $168 million, or 7.4% marginGenerated $91 million of cash from operating activitiesReturned $30 million to shareholders through share repurchases“I am pleased with the progress we made in the second quarter, despite a challenging industry and macro environment, particularly in China,” said Richard F. Dauch, Chief Executive Officer of Delphi Technologies. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. We also announced our industry-first 500+ bar GDi system, which will significantly improve vehicle emissions. Adjusted Effective Tax Rate represents income tax expense less the income tax related to the adjustments noted above for Adjusted Net Income, divided by income before income taxes less adjustments.In addition, this press release contains information about the Company’s adjusted revenue, which is presented on a constant currency basis. Adjusting for currency exchange, revenue decreased 8%. 2015 2016 2017 2018 2019 5-year trend; Sales/Revenue 4.41B: 4.49B: 4.85B: 4.86B: 4.36B While our performance throughout the year was impacted by ongoing industry and macro headwinds, we have made strong progress in a number of operational areas. The year-on-year decrease is primarily due to the decrease in net income, excluding the impact of non-cash items, partially offset by an improvement in working capital.“We ended 2019 with improved momentum, exceeding our revenue, adjusted EPS and cash flow targets for the fourth quarter.
The decline was primarily due to lower global production, particularly in China, the downward trend in passenger car diesel fuel injection systems in Europe, and the closure of certain customer production sites in North America.On a regional basis, year-on-year adjusted revenue reflects decreases of 10% in North America, 9% in Asia Pacific, 4% in Europe and 4% in South America.Operating income was $141 million, compared to $434 million in the prior year period.
In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” the negatives thereof and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: global and regional economic conditions, including conditions affecting the credit market and those resulting from the United Kingdom referendum held on June 23, 2016 in which voters approved an exit from the European Union, commonly referred to as “Brexit”; risks inherent in operating as a global company, such as, fluctuations in interest rates and foreign currency exchange rates and economic, political and trade conditions around the world; the cyclical nature of automotive sales and production; the potential disruptions in the supply of and changes in the competitive environment for raw material integral to the Company’s products; the Company’s ability to maintain contracts that are critical to its operations; potential changes to beneficial free trade laws and regulations such as the North American Free Trade Agreement; the ability of the Company to achieve the intended benefits from its separation from its former parent or from acquisitions the Company may make; the ability of the Company to attract, motivate and/or retain key executives; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers; the ability of the Company to attract and retain customers; changes in the costs of raw materials; the Company’s indebtedness, including the amount thereof and capital availability and cost; the cost and outcome of any claims, legal proceedings or investigations; the failure or breach of information technology systems; severe weather conditions and natural disasters and any resultant disruptions on the supply or production of goods or services or customer demands; acts of war and/or terrorism, as well as the impact of actions taken by governments as a result of further acts or threats of terrorism; the possibility that the proposed transaction will not be pursued; failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to the proposed transaction; adverse effects on the market price of the Company’s ordinary shares or BorgWarner’s shares of common stock and on the Company’s or BorgWarner’s operating results because of a failure to complete the proposed transaction; failure to realize the expected benefits of the proposed transaction; failure to promptly and effectively integrate the Company’s businesses; negative effects relating to the announcement of the proposed transaction or any further announcements relating to the proposed transaction or the consummation of the proposed transaction on the market price of the Company’s ordinary shares or BorgWarner’s shares of common stock; significant transaction costs and/or unknown or inestimable liabilities; potential litigation associated with the proposed transaction; general economic and business conditions that affect the combined company following the consummation of the proposed transaction; changes in global, political, economic, business, competitive, market and regulatory forces; changes in tax laws, regulations, rates and policies; future business acquisitions or disposals; competitive developments; and the timing and occurrence (or non-occurrence) of other events or circumstances that may be beyond the Company’s control.Additional factors are discussed under the captions “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission (the “SEC”).
Adjusted operating income was $314 million, compared to $548 million in the prior year period.
New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. Adjusting for currency exchange, the second quarter and year-to-date revenue decreased 5% and 6%, respectively.Revenue of $1.1 billion, down 9% on a U.S. GAAP basis and down 5% on a constant currency basis, year-on-yearU.S. GAAP net income of $27 million, diluted earnings per share of $0.31Excluding special items, earnings of $0.58 per diluted shareU.S. This includes headquarter-related and other functional expenses such as executive management, corporate finance, legal and human resources.Therefore, the prior period information provided below has been recast to reflect these changes. The year-on-year decline in adjusted operating income was primarily due to unfavorable product mix, most notably between higher margin passenger car diesel fuel injection systems, and lower margin advanced gasoline direct injection fuel systems. Adjusted Operating Income represents net income before interest expense, other (expense) income, net, income tax expense, equity income, net of tax, restructuring, separation costs, asset impairments and pension charges. Largest ever commercial win and continued operational progress, despite more challenging macro and industry dynamics. GAAP net income of $43 million, diluted earnings per share of $0.49Excluding special items, earnings of $1.25 per diluted shareU.S. GAAP operating income of $111 million, or 4.9% marginAdjusted operating income of $168 million, or 7.4% marginGenerated $91 million of cash from operating activitiesReturned $30 million to shareholders through share repurchases“I am pleased with the progress we made in the second quarter, despite a challenging industry and macro environment, particularly in China,” said Richard F. Dauch, Chief Executive Officer of Delphi Technologies. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. We also announced our industry-first 500+ bar GDi system, which will significantly improve vehicle emissions. Adjusted Effective Tax Rate represents income tax expense less the income tax related to the adjustments noted above for Adjusted Net Income, divided by income before income taxes less adjustments.In addition, this press release contains information about the Company’s adjusted revenue, which is presented on a constant currency basis. Adjusting for currency exchange, revenue decreased 8%. 2015 2016 2017 2018 2019 5-year trend; Sales/Revenue 4.41B: 4.49B: 4.85B: 4.86B: 4.36B While our performance throughout the year was impacted by ongoing industry and macro headwinds, we have made strong progress in a number of operational areas. The year-on-year decrease is primarily due to the decrease in net income, excluding the impact of non-cash items, partially offset by an improvement in working capital.“We ended 2019 with improved momentum, exceeding our revenue, adjusted EPS and cash flow targets for the fourth quarter.
The decline was primarily due to lower global production, particularly in China, the downward trend in passenger car diesel fuel injection systems in Europe, and the closure of certain customer production sites in North America.On a regional basis, year-on-year adjusted revenue reflects decreases of 10% in North America, 9% in Asia Pacific, 4% in Europe and 4% in South America.Operating income was $141 million, compared to $434 million in the prior year period.
In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” the negatives thereof and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: global and regional economic conditions, including conditions affecting the credit market and those resulting from the United Kingdom referendum held on June 23, 2016 in which voters approved an exit from the European Union, commonly referred to as “Brexit”; risks inherent in operating as a global company, such as, fluctuations in interest rates and foreign currency exchange rates and economic, political and trade conditions around the world; the cyclical nature of automotive sales and production; the potential disruptions in the supply of and changes in the competitive environment for raw material integral to the Company’s products; the Company’s ability to maintain contracts that are critical to its operations; potential changes to beneficial free trade laws and regulations such as the North American Free Trade Agreement; the ability of the Company to achieve the intended benefits from its separation from its former parent or from acquisitions the Company may make; the ability of the Company to attract, motivate and/or retain key executives; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers; the ability of the Company to attract and retain customers; changes in the costs of raw materials; the Company’s indebtedness, including the amount thereof and capital availability and cost; the cost and outcome of any claims, legal proceedings or investigations; the failure or breach of information technology systems; severe weather conditions and natural disasters and any resultant disruptions on the supply or production of goods or services or customer demands; acts of war and/or terrorism, as well as the impact of actions taken by governments as a result of further acts or threats of terrorism; the possibility that the proposed transaction will not be pursued; failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to the proposed transaction; adverse effects on the market price of the Company’s ordinary shares or BorgWarner’s shares of common stock and on the Company’s or BorgWarner’s operating results because of a failure to complete the proposed transaction; failure to realize the expected benefits of the proposed transaction; failure to promptly and effectively integrate the Company’s businesses; negative effects relating to the announcement of the proposed transaction or any further announcements relating to the proposed transaction or the consummation of the proposed transaction on the market price of the Company’s ordinary shares or BorgWarner’s shares of common stock; significant transaction costs and/or unknown or inestimable liabilities; potential litigation associated with the proposed transaction; general economic and business conditions that affect the combined company following the consummation of the proposed transaction; changes in global, political, economic, business, competitive, market and regulatory forces; changes in tax laws, regulations, rates and policies; future business acquisitions or disposals; competitive developments; and the timing and occurrence (or non-occurrence) of other events or circumstances that may be beyond the Company’s control.Additional factors are discussed under the captions “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission (the “SEC”).