Delphi Reports Solid Results for Q4 and CY 2002
Friday January 17, 6:30 am ET
Non-GM revenue reaches 36 percent in Q4 2002, up 19 percent from prior year; Operating cash flow $452 million
TROY, Mich., Jan. 17 /PRNewswire-FirstCall/ -- Delphi Corp. (NYSE: DPH - News) today reported year-over-year increases in revenue and earnings for both the fourth quarter and calendar year 2002 as the company continued its strategy to rationalize its portfolio, diversify its customer base, streamline operations and pursue global growth opportunities.
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"We finished 2002 with strong revenues in the fourth quarter, thanks in large part to sustained double-digit non-GM business growth and stable GM revenue. Again this quarter, we experienced very strong cash flow and, in January 2003, have used our excess cash to reduce future pension obligations. For the full year, we benefited from stable production in major automotive markets, steady growth of the company's non-GM business and savings related to ongoing restructuring and cost containment," said Delphi Chairman, CEO and President J.T. Battenberg III.
The company realized revenues of $6.97 billion in Q4 2002, with net earnings totaling $120 million or $0.21 per share. Analysts' consensus for Q4 2002 as reported on Thomson First Call is $0.20 per share. For calendar year 2002, revenues reached $27.43 billion, yielding earnings of $517 million on a pro forma basis, excluding the impact of restructuring and other charges taken in Q1 2002. For the year, the company generated operating cash flow of $1.26 billion, excluding special charges and receipts.(1)
"Delphi's non-GM business accounted for 36 percent of our revenue in the fourth quarter, and grew 13 percent year-over-year to 35 percent of sales for 2002 as a whole," Battenberg added. "The ramp-up of several leading-edge new products, including passive occupant detection, mobile multimedia, diesel engine management systems and connection systems led to strong overall gains in Delphi's sales to the world's leading auto makers, commercial vehicle manufacturers and the independent aftermarket."
Fourth Quarter 2002 financial highlights:
Revenue of $6.97 billion (up 9.3 percent from $6.38 billion in Q4 2001).
Non-GM revenue at 36 percent of total revenue for the quarter at $2.49 billion (up 19.4 percent from $2.08 billion in Q4 2001). Moreover, Delphi continued to attain strong non-GM customer bookings such that a solid double-digit growth rate is expected.
GM North America content per vehicle remained steady from Q3 2002 at $2,729.
Net income of $120 million or $0.21 earnings per share (up 88 percent from pro forma $64 million in Q4 2001).(2) For Q4 2001, GAAP earnings were ($131) million, or ($0.23) earnings per share.
Operating cash flow of $452 million (up 64 percent from Q4 2001).
Average diluted shares outstanding were 561 million in Q4 2002 and 563 million in Q4 2001.
Calendar Year Pro Forma 2002 financial highlights:
Revenue of $27.43 billion (up 5.1 percent from $26.09 billion in CY 2001).
Non-GM revenue at 35 percent of total revenue for the year at $9.57 billion (up 13 percent from $8.46 billion in 2001).
GM revenue of $17.9 billion, up from $17.6 billion in CY 2001.
Net income of $517 million (up 108 percent from $248 million in CY 2001).(3) On a GAAP basis, net income was $343 million in CY 2002 and ($370) million in CY 2001.
Operating cash flow of $1.26 billion (up 48 percent from CY 2001).
Average diluted shares outstanding were 562 million in CY 2002 and 565 million in CY 2001. |
