Log In

Company : Delphi Automotive Systems Ltd 
Thursday, July 19, 2001 5:39PM IST (12:09PM GMT)
32% Sales to Non-GM Customers, Solid Restructuring and Portfolio Progress
Mich., Troy, United States

Delphi Automotive Systems Corp. (NYSE: DPH) today reported second quarter net income of $164 million, or $0.29 per share, in line with First Call consensus estimates. Delphi's net income margin was 2.4 percent, compared to 5.5 percent in the second quarter of 2000. Sales revenue was $6.9 billion, down 11 percent from $7.8 billion in the same period of 2000. Delphi generated strong operating cash flow of $312 million, excluding $92 million of employee separation and related payments associated with previously announced restructuring plans. "North American vehicle production stabilized during the second quarter, although at much lower levels than last year," said Alan S. Dawes, chief financial officer of Delphi. "Ongoing soft aftermarket sales and a weaker euro and Brazilian real also contributed to reduced revenues. "Despite lower production volumes, Delphi continued to diversify its sources of revenue during the period, achieving 32 percent sales to customers other than General Motors, compared to 28 percent in the same period of 2000," Dawes said. "The transition of Delphi's portfolio to higher-tech, more electronically enhanced products continues to gain strong acceptance from our broad customer base."
Delphi's actions to manage its costs in a reduced vehicle environment included ongoing headcount reductions in the quarter and a $15 million decrease in selling, general and administrative expenses over Q1 2001, providing an impetus for the company's stronger second quarter performance. "This SG&A reduction represents a $47 million savings year-over-year, despite $4 million of added SG&A expenses associated with the acquisition of Delphi Mechatronic Systems," Dawes said.

Media Contact Details
Pushpa Nair, pushpa@business2media.com, +91-11-3326022
Pushpa Nair, pushpa@business2media.com, +91-11-3326022
Submit your press release
More News from Delphi Automotive Systems Ltd

14/01/2002 3:30PM Image

Delphi to present 'Tomorrow’s Technology' at Auto Expo 2002

Delphi Automotive Systems, the world’s largest and most diversified supplier of automotive components and systems, will present its latest high-technology products at the forthcoming mega event, Auto Expo 2002, to ...

14/01/2002 3:30PM

Delphi introduces Engine Management Systems Solutions for two-wheelers

Delphi Automotive Systems, the world's largest and most diversified supplier of automotive components and systems has introduced its latest Engine Management technology for two-wheelers in India. The new technology is ...

07/11/2001 12:40PM

Delphi Automotive Systems and STMicroelectronics team up to design next-generation smart power ICs for automobiles

STMicroelectronics (NYSE: STM) and Delphi Automotive Systems (NYSE: DPH) today announced their intention to cooperate on the design and development of new smart power IC products for automotive applications. The ...