×

UPDATE 1-Delphi Automotive raises full-year profit, revenue forecasts

(Adds details)

Aug 2 (Reuters) - Vehicle component maker Delphi Automotive Plc raised its full-year forecasts, driven by a strong first half and continued automaker interest as it helps develop technology for self-driving vehicles.

The company said it expected full-year adjusted earnings of $6.55 to $6.75 per share, up from its previous forecast of $6.40 to $6.70 per share.

Delphi which has been focusing on self-driving vehicles through partnerships, investments and acquisitions said it expects full-year revenue of $16.85 billion to $17.05 billion.

The company had previously forecast revenue of $16.50 billion to $16.90 billion.

Several companies including Alphabet Inc's self-driving car unit Waymo, General Motors Co, Ford Motor Co, Uber Technologies Inc, Tesla Inc and others are aggressively pursuing automated vehicle technologies.

Income from continuing operations rose to $369 million, or $1.38 per share, in the second quarter ended June 30, from $258 million, or 94 cents per share, a year earlier.

On an adjusted basis, the company earned $1.71 per share, beating analysts' estimate of $1.65, according to Thomson Reuters I/B/E/S.

Revenue rose 2.7 percent to $4.32 billion.

Up to Tuesday's close, shares had risen 33.4 percent this year. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)