DETROIT (AP) - Delphi Corp. on Monday posted a wider net loss and lower sales during the first quarter as it moves toward an exit from bankruptcy protection later this year.
The loss of $533 million, or 95 cents a share, by the former parts-making operation of General Motors Corp., compared with a loss of $363 million, or 65 cents a share during the same quarter last year.
The Troy-based supplier also saw first-quarter sales fall 4 percent to $6.7 billion during the quarter.
Delphi lost $828 million in the fourth quarter of 2006 and $5.5 billion for all of last year.
Delphi last week reported to the bankruptcy court that it had an operating loss of $11 million in March and $373 million during the first three months of 2007.
'These are the full, final numbers,' company spokeswoman Claudia Piccinin said of the earnings report.
Delphi said non-GM revenue rose to $3.9 billion in the first quarter from $3.8 billion a year earlier. Excluding the impact of foreign currency exchange, non-GM first-quarter growth was flat, the company said in a release.
'While Delphi's financial performance continues to reflect its uncompetitive U.S. cost structure, we are aggressively working on two fronts to improve the business -- first, customer diversification by expanding our non-GM sales; and second, cost reductions through (selling, general and administrative expense) restructuring and operational excellence,' Rodney O'Neal, Delphi's chief executive and president, said in the statement.
Delphi had planned to emerge from Chapter 11 bankruptcy protection by the end of June, but the company said in mid-April that would be delayed until the second half of the year.
Delphi officials has also said the company was told that Cerberus Capital Management LP would leave a consortium of investors who would invest $3.4 billion into the company in exchange for new shares of Delphi stock. A spokeswoman for Cerberus, which was to have covered half of the investment, later denied that it was leaving.
Delphi is negotiating with its unions on wages, benefits and other costs.
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