Delphi Reports $2.3 Billion 2nd Quarter Loss
Tuesday, August 15th, 2006
As key General Motors parts supplier Delphi continues to wend its way through the bankruptcy courts, on Tuesday the struggling company posted a loss of $2.3 billion for the second quarter, compared to a $338 million loss in the same quarter last year.
The current year result reflects $1.9 billion in charges against pension and retiree benefits and a UAW worker buyout program, leaving operating losses somewhat higher than last year at around $400 million. Revenues were unchanged at $7 billion, with General Motors sales accounting for 44 percent of the total.
Automotive News reports that Delphi is heading back into court on Thursday for a hearing on its request to cancel its current labor contracts.
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