Delphi posts big loss

Auto parts supplier Delphi Corp. lost $102 million in the final three months of 2004. The company also said it expects first quarter revenue to drop as much as 8% as a result of lower vehicle production at General Motors Corp. Restructuring and rising prices for raw materials will also hinder the company’s profitability in the near term.
For all of 2004, Delphi lost $36 million, compared to earnings of $56 million in 2003. Delphi has closed, sold or consolidated 70 facilities since its 1999 spin off from GM. The company, which has 148,000 hourly employees worldwide, cut its work force by over 9,000 in the last 15 months and will eliminate another 8,500 this year.