Delphi Corporation has revised second quarter and full year 2002 estimates while briefing investors and media representatives at its annual Investor Day in Pontiac, Michigan.
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Executive vice president and chief financial officer Alan Dawes told the group that higher than expected non-GM sales growth and a “slightly positive impact from foreign exchange” is expected to raise revenue in the second quarter above previous expectations.
Higher volumes and cost-reduction initiatives have prompted Delphi to raise its earnings outlook for the second quarter of 2002.
Delphi’s revised second quarter outlook includes: revenue of $7.2-7.3 billion (up from $7.1 billion); net income in the $210-220 million range (up from circa-$200 million); and operating cashflow increased to the “high end” of the $250-350 million range.
The revised full year outlook includes: operating cash flow for the year between $950 million – $1 billion (increased from $800 million) and year-end 2002 debt level at $3.4 billion – unchanged from year-end 2001 levels.
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By GlobalDataDawes said the company has completed almost 70 percent of its 2002 restructuring plan to-date, which called for the reduction of 6,100 global positions by the end of March 2003.
When completed, the combined effects of Delphi’s 2001 and 2002 restructuring plans will reduce global employment by 17,450.
Delphi chairman, CEO and president J.T. Battenberg said the company’s goals were five% net income, 12.5% return on net assets and more than 10% non-GM sales growth.
