Delphi Corporation on Wednesday reported first quarter 2003 net profit of $US127 million (under GAAP accounting principles), compared to Q1 2002 pro forma net income of $123 million and a GAAP net loss of $51 million.
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Q1 revenues of $7.2 billion were up 7.4% from $6.7 billion for the same period in 2002.
Non-GM business increased to 37% of the Q1 revenues, compared to year-ago levels of 33%. Non-GM revenue for the quarter was $2.6 billion, up 19.2% from $2.2 billion in Q1 2002.
GM North American content per vehicle, at $2,761, benefited from favourable product mix, Delphi said in a statement.
Earnings per share for the quarter were $0.23, compared to analyst consensus as reported on First Call of $0.22 per share.
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By GlobalData“We continued to face headwinds from pension and healthcare expenses, and were challenged by ongoing economic uncertainty that negatively affected the global automotive industry,” said Delphi chairman, president and CEO JT Battenburg.
For the first time, Delphi reported financial results under a re-organisation announced in October 2002 and effective on January 1, 2003.
These were not so impressive. Its Automotive Holdings Group (AHG) reported 2001 and 2002 revenues of $3.7 billion and $3.6 billion respectively, and operating losses of $248 million and $375 million respectively. For Q1 2003, AHG generated revenues of $822 million, with associated operating losses of $138 million.
“We are continuing to aggressively attack costs, improve operational performance and work with our stakeholders to find solutions to employment issues rapidly and effectively, ahead of further revenue declines,” said Delphi vice president James Bertrand.
“Our goal is to increase cash flow and stem the decline of our earnings trajectory.”
Delphi said it had completed its previously announced restructuring plans during Q1 2003. Those announced in 2002 included axing 6,100 jobs through consolidation activities at more than 25 facilities in North America and Europe by March 2003.
With the completion of both the 2001 and 2002 restructuring plans, the global headcount is now down 17,540. The company also sold, closed or consolidated five facilities during Q1.
