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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.
Delphi said it "remains on track" to complete the spinoff of its internal combustion engine business by March 2018. That unit, called Powertrain Systems, accounted for 27 percent of the company's revenue in the quarter.
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.
Delphi paid an effective tax rate of 14 percent in the quarter, compared with 24 percent a year earlier.
Net cash flow from operations increased to $599 million, up 4 percent.
Up to Tuesday's close, shares had risen 33.4 percent this year. (Reporting by Arunima Banerjee in Bengaluru and Paul Lienert in Detroit; Editing by Shounak Dasgupta and Nick Zieminski)