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  • 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.

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