USA: Cost Reduction Fuels Record Margins in Second Quarter for Delphi
Delphi Automotive Systems (NYSE: DPH - news) today reported second quarter 2000 earnings of $424 million, or $0.75 earnings per share, in line with analyst consensus estimates. Strong cash flow from operations generated $455 million in the second quarter. "We achieved sales above last year's record levels and our continued focus on portfolio management, cost reduction and new business bookings produced another robust quarter," said Delphi Chief Financial Officer Alan S. Dawes. "Structural cost reductions helped us achieve year-over-year net income margin improvements in every quarter since our independence. In addition, new business bookings in excess of $5 billion indicate top-line growth and margin improvements in future years."
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