Delphi Books More Than $2 Billion in CV Sales Through First Half of Year
Continued expansion seen in global markets
HANOVER, Germany, Sept. 22 -- Delphi Corp. booked more than $2 billion in new commercial vehicle business during the first six months of 2004 surpassing last year's $1.5 billion booked during the same period, company officials announced here today.
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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.
"Delphi continues to maintain focus on commercial vehicle customers," said J.T. Battenberg, III, chief executive officer and president of Delphi. "Our strong commitment to innovation and customer service are helping increase the demand for our products."
Much of the growth is in Europe and Asia-Pacific, where Delphi continues to add new customers and strengthen relationships with existing customers. Bookings in Europe increased more than 14 percent during first half 2004 compared to same time 2003.
"The majority of the new business falls into several categories including diesel components, audio, climate control and connection systems," said Brad Maggart, global director, Delphi Commercial Vehicle Systems. "Our CV customers continue to show strong interest in both Delphi products developed for the CV market and those adapted from previous automotive applications."
During the last several years, Delphi has seen its Commercial Vehicles sales sharply jump. Last year, Delphi booked a record $3.2 billion in new commercial vehicle business, up from $1.1 billion in 2002 -- an increase of 191 percent. European bookings totaled $781.4 million during 2003.
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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.
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