Delphi Reports Revenue of $6 Billion in Third Quarter 2006 - aftermarketNews

Delphi Reports Revenue of $6 Billion in Third Quarter 2006

Delphi has reported third quarter financial results for the period ended Sept. 30, 2006. Delphi has reported revenue of $6 billion in the third quarter of 2006, down from $6.3 billion in the third quarter of 2005. The company reported revenue of $20 billion for the first nine months of 2006, down slightly from the comparable period in 2005.

TROY, MI — Delphi has reported third quarter financial results for the period ended Sept. 30, 2006.

Delphi has reported revenue of $6 billion in the third quarter of 2006, down from $6.3 billion in the third quarter of 2005. The company reported revenue of $20 billion for the first nine months of 2006, down slightly from the comparable period in 2005.

Non-GM revenue for the quarter of $3.4 billion, essentially flat compared to the third quarter 2005 revenue of $3.3 billion, representing 57 percent of third quarter revenues. The company said third quarter non-GM growth was more than offset by a 12 percent year-over-year decline in GM revenues. Non-GM revenue of $11.1 billion for the first nine months of 2006, representing 56 percent of total revenues.

Net loss of $2 billion or a loss of $3.51 per share, compared to third quarter 2005 net loss of $788 million or a loss of $1.40 per share. Included in the third quarter 2006 net loss are charges related to the U.S. employee special attrition programs of $1 billion. The net loss of $4.6 billion for the first nine months of 2006 includes $2.9 billion of charges related to the U.S. employee special attrition programs.

Cash used in operations of $222 million for the first nine months of 2006, compared to cash used in operations of $609 million for the first nine months of 2005.

"While Delphi continues to experience substantial losses stemming from competitive pressures in our U.S. operations, approximately half of the third quarter loss was due to charges related to the U.S. employee special attrition programs," said Robert "Steve" Miller, Delphi executive chairman. "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 U.S. operations to become competitive."

Effective July 1, 2006, Delphi realigned its business operations to focus its product portfolio on core technologies for which Delphi believes it has significant competitive and technological advantages. Delphi’s revised operating structure consists of its four core business segments — Electronics and Safety, Thermal Systems, Powertrain Systems and Electrical/Electronic Architecture — as well as two additional segments, Steering and Automotive Holdings Group, as these operations are transitioned.

Given this new operational structure, Delphi will begin reporting its financial results along the company’s six reporting segments, which are grouped on the basis of similar product, market and operating factors. Previously, the company reported the financial results of its three business sectors. These reporting changes are effective along with the filing of the third quarter 2006 10-Q.

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