Tuesday, July 18, 2006

Delphi reports $2.4B loss in delayed report

Wednesday, July 12, 2006
Delphi reports $2.4B loss in delayed report
Tom Krisher / Associated Press

DETROIT -- Delphi Corp., General Motors Corp.'s largest parts supplier, reported a $2.4 billion 2005 loss in a delayed annual report filed Tuesday with the Securities and Exchange Commission.

The company, which filed for bankruptcy protection in October, blamed the loss of $4.21 per share on accounting charges, price pressures from a reduction in GM's North American vehicle production and increased costs for raw materials.

The red ink is an improvement over 2004, when the company had a net loss of $4.8 billion, or $8.59 per share. But the 2004 loss included a $4.7 billion tax write-off in the fourth quarter, the company said.

Delphi's annual report for 2005 and its first-quarter 2006 earnings were delayed as the company awaited the results of wage and benefit reduction talks with its unions and GM.

The company also reported Tuesday that it lost $828 million, or $1.48 per share, in the fourth quarter of last year, compared with a loss of $4.9 billion, or $8.74 per share, in the same period of 2004.

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