Delphi Corp. reported a net loss of $114 million ($0.20/share) on revenues of $6.65 billion for the third quarter of 2004.
“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," chairman, CEO and president J.T. Battenberg III said in a statement.
"While we have near-term challenges, our long-term strategy remains on track and we were able to grow our non-GM sales to 47% of Q3 revenues and generate strong operating cash flow of $360 million--more than double the amount in Q3 2003. This strong cash flow generation, fueled by our non-GM revenue growth and aggressive cost reductions, allowed Delphi to strengthen its balance sheet and will continue to position Delphi for long-term value creation."
Vice chairman and CFO Alan Dawes added that Delphi is "looking at creative solutions across the entire supply chain to reduce overall costs and counteract some of the commodity market-driven cost increases."