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Delphi Corp. reports wider quarterly loss

From Reuters | May 08,2007

Delphi Corp. reported a quarterly loss today that it said reflects its noncompetitive U.S. cost structure.

Delphi reported a net loss of $533 million, compared with a net loss of $363 million a year before. The latest quarter's results included asset impairment charges of $160 million and $73 million in costs for employee termination benefits and other items.

Global sales were $6.7 billion, down from $7 billion in the 2006 first quarter.

Delphi said it was trying to diversify its customer base away from former parent General Motors, and was working to cut costs in its restructuring, which is being overseen by a U.S. bankruptcy court.

The company said it should be able to emerge from Chapter 11 bankruptcy protection later this year.

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