Monday reported a smaller third-quarter loss as the company continued to work through a restructuring.
The Troy, Mich.-based auto-parts company posted a net loss of $114 million, or 20 cents a share, on a GAAP basis, vs. a loss of $353 million, or 63 cents a share, in the year-ago period. Excluding restructuring costs and other items, the company lost $66 million, or 12 cents a share. Revenue inched up to $6.65 billion, from $6.56 billion a year ago.
The consensus estimate of analysts was for a loss of 12 cents a share on revenue of $6.61 billion, according to Thomson First Call.
"The third quarter was a more challenging environment than we experienced in the first half of 2004, with increased commodity pressures, low production volumes, product launch issues and lower attrition," the company said.
Delphi said it has cut about 5,675 jobs since October 2003 and anticipates total reductions to be more than 6,000 through the end of 2004. The company has also closed and consolidated plants under its restructuring plan, which produced charges of $25 in the third quarter.
Going forward, the company expects fourth-quarter revenue of $7 billion to $7.2 billion. Analysts expect revenue of $7.06 billion.
Shares ended at $8.44 Friday.