Delphi ( DPH) beat analysts' earnings expectations, despite sharply lower net income than a year ago, driven by the auto-parts maker's restructuring plan announced in October. The Troy, Mich.-based company had net income of $54 million, or 10 cents a share, on revenue of $7.18 billion, versus $127 million, or 23 cents a share, and revenue of $4.55 billion, a year ago. Excluding charges, net income was $123 million, or 22 cents a share. The consensus estimate was for a profit of $117.4 million, or 21 cents a share, on revenue of $7.17 billion, according to Thomson First Call. Operating cash flow was $217 million, up 43% from a year ago. In the first quarter, we increased our strong operating cash flow and continued to move aggressively on restructuring initiatives that improve our ability to compete for -- and win -- new business," the company said. A restructuring plan announced in October 2003 was expected to result in total charges of $807 million pre-tax and a planned reduction in Delphi's worldwide workforce of 8,500 by the end of this year.