Delphi Commercial Vehicle Bookings Grow in Q1
Delphi sees growth from expanded CV portfolio in Asia and Europe
TROY, Mich., April 15 -- Delphi Corp. booked nearly $1 billion in new commercial vehicle business during first quarter 2004, company officials announced today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
Revenue from the new business will be earned over an average of five years, with details of the bookings to be kept confidential at the customers' request.
"This was Delphi's strongest first quarter in the company's commercial vehicle history," said Brad Maggart, global director of Delphi Commercial Vehicle Systems. "Our strategy of developing new products for the CV market and leveraging our automotive expertise is clearly leading to new business in the segment."
Delphi's new commercial vehicle bookings of $949 million are up 39 percent over first quarter 2003, with much of the growth coming from contracts in the Asia-Pacific and European regions. Delphi continues to show its diesel technology leadership by booking a majority of its business in diesel fuel systems in these regions.
Last year, Delphi booked a record $3.2 billion in new commercial vehicle business, up from $1.1 billion in 2002.
"We continue to build on our CV success from last year and expect to see positive results for full-year 2004," Maggart said. "An industry focus on asset tracking and mobile productivity, along with advanced safety and powertrain systems, will help Delphi grow its business this year."
For more information, visit Delphi at http://www.delphi.com/media .
All statements contained or incorporated in this press release which address operating performance, events or developments that we expect or anticipate may occur in the future (including statements relating to future sales, cash flow or earnings expectations, savings expected as a result of our global restructurings or other initiatives, portfolio restructuring plans, volume growth, awarded sales contracts and customer diversification expectations or statements expressing general optimism about future operating results) are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's current views and assumptions with respect to future events. Important factors, risks and uncertainties which may cause actual results to differ from those expressed in our forward-looking statements are discussed in detail in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2003. In particular, the achievement of projected levels of revenue, earnings, cash flow and debt levels will depend on our ability to execute our portfolio and other global restructuring plans in a manner which satisfactorily addresses any resultant antitrust or labor issues and customer concerns, any contingent liabilities related to divestitures or integration costs associated with acquisitions, and other matters; our continued ability to diversify our customer base and still maintain existing GM business; the continued protection and exploitation of our intellectual property to develop new products and enter new markets; and our ability to capture expected benefits of our cost reduction initiatives so as to maintain flexibility to respond to adverse and cyclical changes in general economic conditions and in the automotive industry in each market we operate, including customer cost reduction initiatives, potential increases in warranty costs, pension contributions, healthcare costs, disruptions in the labor, commodities or transportation markets caused by terrorism or war and other changes in the political and regulatory environments where we do business. Delphi does not intend or assume any obligation to update any of these forward-looking statements.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGOPRN Photo Desk, photodesk@prnewswire.com
Company News On-Call: http://www.prnewswire.com/comp/076666.html