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Auto parts profits increase
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July 17, 2000: 9:20 a.m. ET
Delphi, Johnson Control and Eaton all increase earnings, beat or meet targets
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NEW YORK (CNNfn) - Three major auto parts manufacturers reported improved results Monday for the most recent quarter, all either meeting or edging past forecasts for the period.
Delphi Automotive Systems Inc. (DPH: Research, Estimates), the former General Motors Corp. unit that is the world's largest auto parts maker, earned $424 million, or 75 cents a share, in its fiscal second quarter, which put it in line with the forecast of earnings tracker First Call. The company earned $394 million, or 69 cents a share, a year earlier, the quarter during which it was spun off from GM (GM: Research, Estimates).
 Revenue rose to $7.8 billion from $7.7 billion, with gains from non-GM customers overcoming a drop in sales to GM and affiliates in the period.
For the first six months of the year, the company reported net income of $714 million, or $1.26 a diluted share, including acquisition-related charges in the first quarter, up from $678 million, or $1.25 a share, it earned in the year-earlier period.
Sales during the first two quarters rose to $15.6 billion from $15.2 billion, as the non-GM sales again overcame a drop in GM business.
The company said it is on track for meeting full-year financial goals. First Call forecasts the company will earn $2.11 a share this year, up from $1.91 a share in 1999.
Shares of Delphi fell 5/16 to 15-3/8 in trading Friday.
Johnson Controls beats 3Q forecasts
Milwaukee-based Johnson Controls Inc. (JCI: Research, Estimates) reported net income of $133.4 million, or $1.45 a diluted share, in its fiscal third quarter. That beat First Call's forecast of $1.40 a share in profits for the period. The company earned $111.1 million, or $1.19 a share, in the year-earlier period.
Sales increased to $4.4 billion from $4.2 billion in the period. The effect of the strong dollar valuation versus the euro cost it $125 million in revenue and 4 cents a share in profit in the period.
For the first six months Johnson Controls posted net income of $321.2 million, or $3.46 a diluted share, up from $281.9 million, or $3.10 a share a year earlier. Year-to-date revenue rose to $13.1 billion from $11.9 billion in the first half of 1999.
Shares of Johnson Controls fell 7/16 to 53-3/4 in trading Friday.
Eaton edges past estimates
Eaton Corp., another major supplier to the auto and heavy truck industries, announced record second-quarter sales and earnings, edging past estimates.
The company earned net income of $145 million, or $1.96 a diluted share, which was 1 cent a share better than the First Call estimate. The company posted net income of $125 million, or $1.71 a diluted share, on the same basis a year earlier. Revenue increased to $2.34 billion from $2.30 billion a year earlier.
For the first two quarters, Eaton's net income came to $276 million, or $3.73 a diluted share, up from $209 million, or $2.88 a share, a year earlier. Revenue increased to $4.7 billion from $4.0 billion.
Shares of Eaton (ETN: Research, Estimates) gained 11/16 to 69-13/16 in trading Friday. 
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