GM revises Q1 results, posts profit May 9, 2006
General Motors Corporation has revised its first-quarter 2006 financial results to reflect a change in accounting, resulting in its first profit in six quarters. The world's largest automaker earned $445 million in the period, compared with a preliminary loss for the period of $323 million. GM reported a loss of $1.3 billion in the first quarter of 2005.”The difference between the preliminary and final results primarily reflects a change in the way GM will account for the health-care settlement agreement between GM and the United Auto Workers union,” said the Detroit-based firm. As part of the agreement, GM will …
Ex-Wall St. Analyst to Leave G.M. Post May 5, 2006
DETROIT, May 4 (AP) ? Stephen J. Girsky, a former Wall Street analyst who became a full-time adviser to General Motors, is leaving G.M. after less than a year, a spokeswoman for the company said Thursday. Mr. Girsky’s commute from his New York home to Detroit was hard on his family life, said Toni Simonetti, a G.M. spokeswoman. She said he planned to leave in June.Ms. Simonetti also said that Mr. Girsky believed that it was a good time to leave G.M. because its North American turnaround plan was on track. G.M. narrowed its first-quarter loss this year to $323 …
G.M. Cut Loss in Quarter, but Increased Its Inventory April 21, 2006
The results provided a much-needed breakthrough for a company battered by accounting missteps and doubts about the its fate and that of its chief executive. Investors pushed G.M. shares higher Thursday, but analysts expressed concern about G.M.’s inventories, which are at higher-than-normal levels, and about the impact that rising fuel prices could have on the automaker’s new sport utility vehicles and pickups, whose success is critical to its turnaround.G.M. reported a first-quarter loss of $323 million, or 57 cents a share, compared with a loss of $1.25 billion, or $2.22 a share, in the period a year ago. The year-ago …
Encouraging losses for GM
Although General Motors has recorded its sixth consecutive quarterly deficit, the world’s biggest carmaker by volume was upbeat after its net loss of $323 million represented a considerable improvement over the $1.25 billion loss in the same period last year. The US automotive giant hailed the results, suggesting that the reduction of losses, shows that its restructuring initiatives are finally having an impact.Among the measures being undertaken, GM plans to cull around 30,000 jobs in North America and close 12 plants by 2008. Alongside this, rumors continue to circulate of some major European closures as the company looks to …
GM expected to post sixth straight quarterly loss April 20, 2006
DETROIT (Reuters) — General Motors will likely post its sixth straight quarterly loss on Thursday, but the struggling automaker will probably cut its loss in half from a year earlier, analysts said.
GM’s Saab hopes to build new compact in Sweden
STOCKHOLM (Reuters) — General Motors’ loss-making car brand Saab hopes to make a new compact model at its plant in Trollhattan, which last year lost a race to build the next generation of GM’s mid-sized cars.
XM Satellite amends payment agreement with GM
NEW YORK (Reuters) — XM Satellite Radio Holdings on Thursday said it had reached an agreement with General Motors to pay in advance about $240 million to retire payment obligations as part of a debt overhaul.
GM posts narrower loss crediting new vehicles, pricing strategy
General Motors on Thursday posted its sixth straight quarterly loss. But company executives said turnaround efforts are taking root. A more favorable product mix and fewer incentives cut the size of the loss in the first quarter.
GM says global sales up 4.4 percent
DETROIT (Reuters) — General Motors said late Wednesday that its global vehicle sales rose 4.4 percent in the first quarter, driven by strong gains in China and India.
Rising oil prices taking toll on GM’s supply chain
Rising oil prices might hurt General Motors’ sales of trucks and SUVs, but they’re a costly burden on the company’s supply chain as well.
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