DETROIT -- Delphi Corp. posted a loss of $2.6 billion for the first half of this year, the supplier said today. That compares with a loss of $741 million in the same period last year, before Delphi filed for bankruptcy court protection.
Revenue for the first half of 2006 totaled $14.0 billion, compared with $13.9 billion in the same period last year. Delphi said its revenue from non-General Motors contracts grew 7.7 percent from the first half of 2005 to $7.7 billion, or 55 percent of its revenue.
Delphi said the loss for the first half included a $1.9 billion charge to cover the costs of a buyout program for workers represented by the UAW.
For the second quarter of this year, Delphi said it had a net loss of $2.3 billion, compared with a loss of $338 million in the same period last year. Second-quarter revenue totaled $7.0 billion, the same as the second quarter of 2005.
Delphi remains in talks with former parent GM and its unions over plans to cut the pay of its factory workers. A bankruptcy court hearing is scheduled Thursday, Aug., 17, to consider a motion by Delphi to terminate its current labor contracts.
Delphi Corp. ranks No. 4 on the Automotive News list of the top 100 global suppliers with estimated worldwide original-equipment automotive parts sales of $22.59 billion in 2005.
You may e-mail Dale Jewett at [email protected]