In first quarter, Delphi earnings experience a drop

Earnings at Delphi Corp. fell in the first quarter as the auto parts maker paid for restructuring costs.
Delphi, which is the parent company of Warren-based Delphi Packard Electric Systems, said today that it earned $54 million, or 10 cents a share, compared with earnings of $127 million, or 23 cents a share, in the first quarter of 2003.
Excluding restructuring charges this past quarter, earnings were $123 million, or 22 cents a share.
Delphi, which is based in Troy, Mich., said last October that it planned to cut 8,500 jobs from its worldwide work force of 187,000. So far, it has cut 7,150 jobs, including 3,750 hourly workers in the United States.
Packard, which makes wiring harnesses and related parts, employs about 5,200 hourly and salaried workers in the Mahoning Valley. About 300 hourly workers retired this month with an early-retirement incentive.
Delphi revenues for the first quarter were $7.4 billion, compared with $7.2 billion in the same quarter last year. Revenues not coming from General Motors Corp. were up 23 percent at $3.2 billion. Delphi used to be a division of GM. Delphi also said it booked nearly $1 billion in new commercial vehicle business in the first quarter, which was a 39 percent increase over the first quarter of 2003.