DELPHI 2011 Annual Report Download - page 54
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Table of Contents
Consolidated Results of Operations
2010 versus 2009
The results of operations for the year ended December 31, 2010 and the periods from August 19 to December 31, 2009 ("Successor Period of 2009")
and January 1 to October 6, 2009 ("Predecessor Period of 2009") were as follows:
Successor Predecessor
Year ended
December 31, 2010
Period from August 19 to
December 31, 2009
Period from January 1 to
October 6, 2009
(dollars in millions) (dollars in millions)
Net sales $ 13,817 $ 3,421 $ 8,334
Cost of sales 11,768 3,047 8,480
Gross margin 2,049 14.8% 374 10.9% (146) (1.8)%
Selling, general and administrative 815 242 734
Amortization 70 16 3
Restructuring 224 126 235
Operating income (loss) 940 (10) (1,118)
Interest expense (30) (8) —
Other income (expense), net 34 (17) 24
Reorganization items — — 10,210
Income (loss) from continuing operations before income taxes and equity income
(loss) 944 (35) 9,116
Income tax (expense) benefit (258) 27 311
Income (loss) from continuing operations before equity income (loss) 686 (8) 9,427
Equity income (loss), net of tax 17 5 (36)
Income (loss) from continuing operations 703 (3) 9,391
Loss from discontinued operations, net of tax — — (44)
Net income (loss) 703 (3) 9,347
Net income attributable to noncontrolling interest 72 15 29
Net income (loss) attributable to Successor/Predecessor $ 631 $ (18) $ 9,318
Total Net Sales
Total net sales for the year ended December 31, 2010 as compared to Full Year 2009 were as follows:
Successor Predecessor Variance due to:
Year ended
December 31,
2010
Period
from
August 19
to
December 31,
2009
Period from
January 1
to
October 6,
2009
2010 versus
full year 2009
favorable/
(unfavorable)
Operations
not
acquired
Volume, net
of
contractual
price
reductions FX
Commodity
pass-
through Other Total
(in millions) (in millions) (in millions)
Total net sales $ 13,817 $ 3,421 $ 8,334 $ 2,062 $ (639) $ 2,725 $ (91) $ 145 $ (78) $ 2,062
Total net sales in 2010 increased 18% compared to Full Year 2009 net sales. Excluding the sales impacts of the Operations Not Acquired, sales
increased 24% in 2010. The increase in total net sales resulted primarily from increased volume as a result of rebounding OEM production schedules
throughout 2010.
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