Delphi reports first-quarter loss
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Manufacturing News, Source : TheManufacturer.com
Published : 13 May 2005 16:20
Tier One auto parts maker Delphi Corp. announced a $409 million loss, or 74 cents per share, for the first-quarter this year.
Obviously weakened by the recent auto production slowdown from the US auto sector, especially GM, Delphi posted a deeper than expected loss. Analysts had forecasted a smaller loss of 31 cents per share.
"Versus our expectations for the first quarter, we were significantly challenged by weaker-than-expected production volumes with some of our larger North American customers," said J.T. Battenberg III, Delphi's chairman and chief executive officer. "We expect these pressures to continue for the remainder of the year."
For the future, Delphi said second-quarter revenue is projected to range between $7.2 billion and $7.4 billion, which is more in line with analysts' estimate of $7.25 billion.
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