Friday, April 18, 2003
TROY, Mich. -- Delphi Corp. increased earnings and revenues in the first quarter.
The auto parts maker, which is the parent company of Warren-based Delphi Packard Electric Systems, earned $127 million, compared with $51 million in the same quarter last year. First-quarter revenues were $7.2 billion, up from $6.7 billion in the first quarter last year.
Alan Dawes, Delphi vice chairman and chief financial officer, said the company was pleased that non-General Motors revenues increased to 37 percent of total revenues. They had been 33 percent in the first quarter of last year. Delphi used to be a division of GM.
"We are very optimistic that our target of having a single customer account for no more than half of Delphi's revenue is realistic and within reach," Dawes said.
Packard
Delphi said its electrical and electronic distribution systems division, which includes Packard, won contracts for vehicle content that total $2.7 billion. The contracts, most of which begin in 2005 and 2006 model years, support 17 car and truck makers.
Dawes said second-quarter revenue is expected to range between $7 billion and $7.3 billion and earnings are expected to be between $160 to $200 million.
Delphi expects annual revenues to be $28 billion for this year and reach $29.4 billion in 2005.
The company also announced it has completed restructuring programs that were announced in 2001 and 2002. Delphi cut 17,540 jobs in an effort to reduce costs. Delphi has about 189,000 workers worldwide.