USA: Donnelly announces record earnings and revenue
Donnelly Corporation has announced net income of $9.7 million, or $0.91 per share, on second quarter revenues of $247 million, all-time records for earnings and revenue. For the second quarter of 2001, the Company reported net income of $5.0 million, or $0.49 per share, on revenues of $227 million. Second quarter 2002 net income benefited from strong growth and improved operating margins in Electronics Operations and the ongoing benefit from overhead reduction actions taken in 2001. Sales increased $20 million, or 9%, in the second quarter on a year-over-year basis, due primarily to the strong growth of key products including electrochromic mirrors, OnStar telematics mirrors, and electronic sensor related products.
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