Delphi Automotive Systems Reports Second Quarter 2000 Earnings
Delphi Automotive Systems (Troy, MI) reported second quarter 2000 earnings of $424.0 million, or $0.75 earnings per share, in line with analyst consensus estimates. Cash flow from operations generated $455.0 million in the second quarter. On sales of $7.8 billion, Delphi's earnings climbed 8 percent to $424.0 million from $394.0 million in the second quarter last year. Sales to customers rose to $2.2 billion, or 24 percent on a comparable basis. Net income margin grew to 5.5 percent from 5.1 percent for the same quarter last year. Earnings for the first six months of 2000 rose 10 percent, excluding a one-time charge of $32.0 million in the first quarter, versus 1999 levels. Operating cash flow totaled $950.0 million, well on track for meeting the $1.5 to $2.0 billion 2000 target, according to Delphi.