Despite its descent into bankruptcy protection in 2005, Delphi Corp. slightly increased its r&d spending in 2005.
The giant parts supplier spent $2.2 billion on r&d last year, up from $2.1 billion in 2004, according to Delphi's 10K year-end financial report filed Tuesday with the U.S. Securities and Exchange Commission.
Delphi lost $2.4 billion in 2005, compared with a loss of $4.8 billion in 2004. Revenues in 2005 totaled $26.9 billion, down 5.9 percent from $28.6 billion in 2004.
Research and development are key to launching products and developing new processes, Delphi spokeswoman Claudia Piccinin said. Delphi CEO Steve Miller vowed to maintain r&d spending after Delphi put its U.S. operations in Chapter 11 on Oct. 8.
Delphi introduced 200 products and processes in 2005. The company employs about 26,000 engineers, scientists and technicians worldwide.
When it emerges from Chapter 11, Delphi expects to be largely a supplier of automotive electronics and major automotive modules, such as sensors, occupant safety systems and in-vehicle communications. Now, Delphi is shedding commodity businesses such as spark plugs and catalytic converters.
Delphi said former parent General Motors accounted for $12.8 billion, or 47.6 percent, of the supplier's revenues in 2005. That was down $2.6 billion from the year earlier, when GM accounted for 53.8 percent of Delphi's revenue.
For the fourth quarter of 2005, Delphi lost $828 million. That compares with a loss of $4.9 billion in the fourth quarter of 2004, when Delphi restated its results due to income tax accounting rules.
Fourth quarter revenue totaled $6.8 billion, down 2.9 percent from a year earlier.
Delphi, of Troy, Mich., ranks No. 4 on the Automotive News list of the top 100 global suppliers with estimated worldwide original-equipment automotive parts sales of $22.6 billion in 2005.
You may e-mail Dave Barkholz at [email protected]
You may e-mail Dale Jewett at [email protected]