Delphi Corp., the world’s largest automotive parts supplier, reported a large third-quarter loss on charges for restructuring its operations, Reuters reported.
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Delphi posted a loss of $US353 million, or 63 cents per share, compared with a profit of $54 million, or 10 cents per share, a year earlier, the report said.
Excluding the restructuring charges, related to employee and product line costs, the Troy, Michigan-based company reportedly said it earned $3 million, or 1 cent per share.
The average estimate for Delphi’s earnings from 16 industry analysts was a penny a share, according to Reuters Research, a unit of Reuters Group Plc.
According to Reuters, Delphi said revenue rose 1.8% to $6.6 billion, from $6.4 billion in the third quarter last year, adding that the gain stemmed from favourable foreign exchange effects.
Under terms of a new four-year contract with the United Auto Workers union, Delphi said it plans to reduce its hourly US work force by 5,000 jobs, primarily through attrition, Reuters noted.
