DETROIT -- Delphi Corp. said on Tuesday it was raising earnings estimates for the second quarter, spurred by cost cutting and higher than expected sales.
Delphi said it now expected second quarter net income to total about $210 million to $220 million. The company had told analysts in April it was expecting earnings of $200 million, or 35 cents a share, and analysts were predicting an average of 36 cents a share, according to Multex Research.
Delphi also said its revenues would run between $7.2 and $7.3 billion in the second quarter, with operating cash flow at close to $350 million. For all of 2002, the company said its operating cash flow would run between $950 million and $1 billion.
In a presentation to analysts, Delphi said better-than-expected industry sales of new vehicles, beneficial foreign currency exchange rates and more revenues to customers other than former parent General Motors led it to raise expectations.
Delphi was first in the Automotive News ranking of the top 150 suppliers to North America with $18.8 billion in original equipment sales to North American automakers in 2001.