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Aug 2 (Reuters) - Vehicle component maker Delphi Automotive Plc raised its full-year forecasts, driven by a strong second quarter and growth prospects in electrification and safety systems, including those being developed 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.
"The transformation of the auto industry (is) at the heart of our strategy," said Kevin Clark, Delphi president and chief executive officer, in a conference call with analysts on Wednesday.
Delphi, which is refocusing much of its future business on self-driving vehicles and advanced safety systems, 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.
Delphi anticipates increased growth in Asia, led by China, as North American vehicle production declines further in the second half, according to Joe Massaro, chief financial officer.
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.
Company officials will provide more details on the spinoff at a September 27 investor conference in Boston, Clark said.
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.
In mid-morning trade Wednesday, Delphi shares were down 0.7 percent at $89.19. Through 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)