Delphi Corp. reported lower first quarter earnings on Friday after its largest customer, General Motors, cut production of new cars and trucks.
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According to Reuters, the company said profit fell to $US54 million, or 10 cents per share, from $127 million, or 23 cents per share, a year earlier.
The report noted that, in January, Delphi said it expected first-quarter net earnings of $30 million to $80 million, including restructuring charges of $45 million to $65 million.
Excluding restructuring charges, Delphi earned $123 million, or 22 cents per share while Wall Street analysts had expected profit of 18 cents to 22 cents per share, for an average at 20 cents, according to Reuters Research.
Delphi reportedly said it expected second quarter net income of $105 million to $145 million, reflecting $20 million to $40 million in after-tax restructuring costs, or $145 million to $165 million excluding these items. It forecast revenue for the period at between $7.5 billion and $7.8 billion, Reuters added.
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