US: Delphi posts smaller Q3, YTD, losses
Delphi has posted a third quarter net loss of $US1.2bn on revenues of $6.2bn. The net loss for the first nine months of 2007 was $2.5bn compared to $4.6bn a year ago.
Non-GM revenues were $3.6bn, or 58%, up 5% from $3.4bn a year ago, primarily due to favourable foreign currency exchange, volumes and mix.
The net loss included an accrual of $369m for interest expense on prepetition claims in Delphi's plan of reorganisation filed with the Bankruptcy Court, charges of $244m for US employee workforce transition programmes ($1.0bn a year ago), $124m for charges for warranty matters and $112m of employee termination benefits and other exit costs.
Included in the first nine months of 2007 net loss ($2.5bn) were charges of $532m in employee termination benefits and other exit costs, $369m related to interest expense on prepetition claims, $353m related to the Securities and ERISA litigation settlement, $264m of charges for warranty matters, $238m in US employee workforce transition charges and $222m in long-lived asset impairment charges.
Global revenue of $19.9bn was virtually flat from $20.0bn in first nine months of 2006.
GM revenue for first nine months of 2007 was down about 7% to $8.3bn, due primarily due to reductions in GM North America production and the wind-down of some programmes.
Non-GM revenue was up about 5% to $11.6bn primarily due to favourable currency exchange rates. Non-GM revenue accounted for 58% of first nine months of 2007 revenues, compared to year-ago levels of 56%.