Delphi year-end earnings down slightly on softer fourth quarter

TROY, Mich. (Jan. 22)—Delphi Automotive Systems reported net income of $1.09 billion on total net sales of $29.1 billion for the year ended Dec. 31, compared to net income $1.08 billion on net sales of $29.2 billion last year. The automotive supplier increased its operating income for the year to $1.74 billion from $1.68 billion in 1999. For the fourth quarter, Delphi reported net income of $200 million on sales of $6.9 billion vs. net income of $269 million on sales of $7.3 billion during the last quarter of 1999. Delphi attributed the declines to rapid deterioration of North American vehicle volumes and the ongoing strength of the Mexican peso. Delphi is the largest private employer in Mexico, with about 76,000 employees.