|
Delphi beats 1Q forecasts
|
 |
April 12, 2000: 11:50 a.m. ET
World's leading auto parts maker gains on sales outside former parent GM
|
NEW YORK (CNNfn) - Delphi Automotive Systems Corp., the world's largest auto parts maker, posted a better-than-expected gain in first quarter profit Wednesday.
The former subsidiary of General Motors Corp. (GM: Research, Estimates), which was spun off last year, posted net income of $322 million, or 57 cents a diluted share. Analysts surveyed by earnings tracker First Call had forecast 56 cents a share. A year earlier, the company had net income of $284 million, or 50 cents a share, in the period during which it was spun off.
Revenue rose 4.5 percent to $7.8 billion from $7.5 billion. The company said sales were helped by a 38 percent gain in non-GM business, which rose to $2.2 billion.
 Delphi may get a new independent competitor soon, as reports are circulating that Ford Motor Co. (F: Research, Estimates) is on the verge of following GM by spinning off its parts division, Visteon Automotive Systems, perhaps as soon as a Thursday board meeting. Such a move has been widely anticipated since last year.
Shares of Delphi (DPH: Research, Estimates) gained 1-1/16, to 18-7/8 in trading Wednesday.
(Click here for more earnings news) 
|
|
|
|
|
 |
|
