Delphi Corporation has reported a third quarter net loss of $2.0bn (a loss of $3.51 per share) compared to $788m or $1.40 per share lost in Q3 2005.
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The Q3 2006 net loss included charges related to the US employee lay-off programmes of $1.0bn. The net loss of $4.6bn for the first nine months of 2006 included $2.9bn of charges related to the programmes.
Revenue was $6.0bn in Q3 2006, down from $6.3bn the previous year. Revenue of $20.0bn for the first nine months of 2006 was also down slightly from the comparable period in 2005.
Non-GM revenue for the quarter of $3.4bn was essentially flat and accounted for 57% of Q3 revenues. Q3 non-GM growth was more than offset by a 12% year-over-year decline in GM revenues. Non-GM revenue of $11.1bn for the first nine months of 2006, accounted for 56% of total revenues.
“While Delphi continues to experience substantial losses stemming from competitive pressures in our US operations, approximately half of the third quarter loss was due to charges related to the US employee special attrition programs,” said Delphi executive chairman Steve Miller in a statement.
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By GlobalData“Currently, we remain focused on reaching a consensual agreement with our stakeholders, unions and General Motors on a comprehensive restructuring that will enable Delphi’s core US operations to become competitive.”
