Auto Service World
News   December 9, 2002   by Auto Service World

Delphi Forecasts Strong 2003


Automotive parts supplier Delphi Corp. expects earnings to grow about 17% next year to $600 million U.S., due to a combination of stronger sales and cost-cutting.
The company says it expects to earn $1.06 per share in 2003, ahead Wall Street forecasts of 95 cents.
Delphi said it expects 2003 revenue to rise 2% to 3% to $28 billion, from a projected range of $27.3 billion to $27.4 billion in 2002. All figures in U.S. dollars.
Revenue from customers other than former parent General Motors Corp. is expected to climb by about 14% to $10.8 billion, or 39% of total revenue, it said.
Growth in high-margin businesses, such as Delphi’s diesel injection systems, satellite radio receivers, and passenger sensing technology, will help boost profits from non-GM customers.
Operating cash flow in 2003 is expected at $1.4 billion, after about $1.1 billion in capital expenditures, Delphi said.
The company reiterated a 2002 earnings forecast of $512 million, or 91 cents per share, before restructuring charges. It repeated a fourth-quarter forecast for net income of $115 million, or 20 cents per share. Both estimates match Wall Street estimates, according to Thomson First Call.
Delphi shares closed at $8.10 on the New York Stock Exchange on Friday.


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