GM Reports 6th Consecutive Quarterly Loss
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GM Reports 6th Consecutive Quarterly Loss
http://biz.yahoo.com/ap/060420/earns_gm.html?.v=8
Looks like they're at least moving in the right direction. Perhaps a chance for a profitable quarter this year?
GM Reports 6th Consecutive Quarterly Loss
Thursday April 20, 8:31 am ET
By Dee-Ann Durbin, AP Auto Writer
General Motors Reports 1Q Loss of $323 Million, Its 6th Consecutive Quarterly Loss
DETROIT (AP) -- General Motors Corp. reported a first-quarter loss of $323 million Thursday, the sixth straight quarterly loss for the world's largest automaker.
The loss of 57 cents per share for the January-March period was narrower than a loss of $1.3 billion, or $2.22 per share, in the first quarter of 2005.
GM said revenues were up 14 percent to a record $52.2 billion from $45.8 billion a year ago, thanks in part to strong sales in Asia and Latin America and improvements in North America, including better pricing.
"The first quarter represented an important milestone in GM and GM North America's turnaround," GM Chairman and Chief Executive Rick Wagoner said in a statement.
GM shares rose 68 cents, or 3.3 percent, to $21.25 in premarket trading.
The automaker, which lost $10.6 billion in 2005, is in the midst of a major restructuring that calls for cutting 30,000 jobs by 2008.
Included in the first-quarter results was a one-time pretax charge of $1 billion in for expenses related to a recent settlement that requires hourly retirees to pay more for their health care. GM must contribute $3 billion to a fund for retiree health care by 2011.
GM's struggling North American division reported a loss of $946 million, compared with a loss of $1.5 billion a year ago. GM Chief Financial Officer Fritz Henderson said cost savings from the health care agreement and from employee buyouts will largely be seen after July 1, but the automaker is optimistic about its results.
"It's a quarter of good, solid progress," he said. "Obviously, the job's not done."
GM's financial arm, General Motors Acceptance Corp., earned $605 million for the quarter, down from $728 million a year ago because of lower mortgage earnings. GM recently completed an agreement to sell 51 percent of GMAC to an investor group for $14 billion.
Thursday April 20, 8:31 am ET
By Dee-Ann Durbin, AP Auto Writer
General Motors Reports 1Q Loss of $323 Million, Its 6th Consecutive Quarterly Loss
DETROIT (AP) -- General Motors Corp. reported a first-quarter loss of $323 million Thursday, the sixth straight quarterly loss for the world's largest automaker.
The loss of 57 cents per share for the January-March period was narrower than a loss of $1.3 billion, or $2.22 per share, in the first quarter of 2005.
GM said revenues were up 14 percent to a record $52.2 billion from $45.8 billion a year ago, thanks in part to strong sales in Asia and Latin America and improvements in North America, including better pricing.
"The first quarter represented an important milestone in GM and GM North America's turnaround," GM Chairman and Chief Executive Rick Wagoner said in a statement.
GM shares rose 68 cents, or 3.3 percent, to $21.25 in premarket trading.
The automaker, which lost $10.6 billion in 2005, is in the midst of a major restructuring that calls for cutting 30,000 jobs by 2008.
Included in the first-quarter results was a one-time pretax charge of $1 billion in for expenses related to a recent settlement that requires hourly retirees to pay more for their health care. GM must contribute $3 billion to a fund for retiree health care by 2011.
GM's struggling North American division reported a loss of $946 million, compared with a loss of $1.5 billion a year ago. GM Chief Financial Officer Fritz Henderson said cost savings from the health care agreement and from employee buyouts will largely be seen after July 1, but the automaker is optimistic about its results.
"It's a quarter of good, solid progress," he said. "Obviously, the job's not done."
GM's financial arm, General Motors Acceptance Corp., earned $605 million for the quarter, down from $728 million a year ago because of lower mortgage earnings. GM recently completed an agreement to sell 51 percent of GMAC to an investor group for $14 billion.
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Re: GM Reports 6th Consecutive Quarterly Loss
Originally Posted by Chuck!
http://biz.yahoo.com/ap/060420/earns_gm.html?.v=8
Looks like they're at least moving in the right direction. Perhaps a chance for a profitable quarter this year?
Looks like they're at least moving in the right direction. Perhaps a chance for a profitable quarter this year?
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Posts: 169
From: Calgary, AB, Canada
Re: GM Reports 6th Consecutive Quarterly Loss
From what I read, if you take out the one time charges, they made a profit of more than $300million. Although the North American operations still lost $900million.
Looks like GM is getting back on track.
Looks like GM is getting back on track.
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Re: GM Reports 6th Consecutive Quarterly Loss
Here's another article. It's rah-rah at times, but does ask the important questions.
http://yahoo.businessweek.com/autos/...420_479304.htm
GM's Numbers Signal a Turn
A quarterly loss of more than $500 million may not sound like good news. But for the troubled auto maker, it's a move in the right direction
You know things are bad when losing half a billion dollars is a good quarter. But in the case of General Motors (GM), any news that's not so bad is really good. Actually, the $529 million loss -- which is a $323 million loss if you count proceeds from selling its stake in Suzuki Motors -- is a flickering beacon for a company that has been lost at sea for the last few years.
Some of GM's cost cuts appear to be taking hold, but the biggest driver was sales of its large SUVs. Buyers have been snapping them up since they hit showrooms in January, and they are paying as much as $6,000 per vehicle more than they spent on the models that were sold last year.
So, has GM turned the corner? Not yet. But there is progress (see BW Online, 4/13/06, "Lutz Says GM Is Over the Worst"). GM's revenue shot up in the quarter, but sustaining that won't be a slam dunk.
FAST START. Whenever an auto company launches a new vehicle, it cranks the plants up to full tilt to get inventory to dealers. The early models are usually loaded, and hence sell at fatter sticker prices.
GM Vice-Chairman and CFO Frederick A. "Fritz" Henderson says the launch of the SUVs accounted for about one-third -- or $1 billion -- of GM's $3 billion revenue gain in North America. Henderson concedes that as GM has launched the vehicles, it has upped production and is selling more top-end trucks. That may trail off as the year goes on, he says.
What's more, gasoline prices are once again jumping up. Right now, people are paying an average of $2.83 a gallon at the pump, according to the Automobile Club of America, almost 60 cents more than a year ago. Analysts say prices could easily hit $3 a gallon this summer.
That can't help SUV sales. Last year, domestic auto makers took a beating as higher gasoline prices slowed SUV sales.
SHRINKING SHARE. Of course, expensive gasoline won't kill SUVs. There still are plenty of buyers out there. And GM has the best boulevard boats on the market. GM already has two-thirds of the big SUV market, and its new trucks have made it tougher for Japanese competitors Nissan (NSANY) and Toyota (TM) to get a foothold.
"GM's large SUVs should hold their own," says Jim San Fillippo of Automotive Marketing Consultants. "They are the newest trucks on the market."
There are other problems, too. GM's market share continues to fall, having dropped from 25.2% to 23.7% in the first quarter. Though GM's inventories aren't exactly bloated, if its stake in the U.S. market continues to shrink, the company could have to slow its plants down, says Goldman Sachs analyst Robert Barry. That hits the bottom line.
If GM has to cut production, that puts even more pressure on parts makers. Companies such as interiors maker Lear Corp. (LEA) are struggling, and others, such as Collins & Aikman and Dana Corp., are already in bankruptcy and could see a drop in demand from GM.
PICKING UP. Still, give credit where it's due. GM's losses and its cash born rate are headed in the right direction. Henderson says that GM's previously announced cuts will chop $4.4 billion in costs in the second half.
Plus, in the second half GM will launch its new large pickup trucks. Since many pickup buyers use the vehicles for their livelihood, the market is less affected by high gasoline prices. Like the big SUVs, the new pickups should see gains both in sales volume and pricing.
GM even had some rare good news from Europe, where the struggling auto giant has been bleeding red ink by the billions since 2000: The company actually made $88 million. That's only the second quarterly profit in the Old World since 2000. Even Saab made money. Analysts are cautiously optimistic that GM's European business can be a regular contributor (see BW Online, 3/2/06, "GM-Europe's Saab Story").
CASH AND BURN. After selling off stakes in Japanese auto makers Fuji Heavy Industries, Suzuki, and Isuzu, GM now has $22 billion in cash. Its massive pension fund is over funded by $7.5 billion. That should keep bankruptcy speculation at bay for a while.
There are other possible problems looming, however. GM still needs to strike a deal with Delphi (DPHIQ ) -- the now-bankrupt parts unit it spun out in 1999 -- to deal with the supplier's angry union workers.
If GM, the UAW and Delphi can't get a deal by June, there could be a strike. That would shut GM down in a couple of weeks. Then the losses and cash burn would really accelerate.
GOOD SIGNS. Plus, profits from GM's GMAC finance arm are dropping. They fell $123 million to $605 million for the quarter. If and when GM's sale of 51% of GMAC does through, GM will have to give half of the declining finance earnings to the buyer, an investment group headed by Cerberus Capital Management (see BW, 4/24/06, "Cerberus To KKR: Eat Our Dust").
GM is far from fixed. But there are signs that the company is solving some of its big problems.
http://yahoo.businessweek.com/autos/...420_479304.htm
GM's Numbers Signal a Turn
A quarterly loss of more than $500 million may not sound like good news. But for the troubled auto maker, it's a move in the right direction
You know things are bad when losing half a billion dollars is a good quarter. But in the case of General Motors (GM), any news that's not so bad is really good. Actually, the $529 million loss -- which is a $323 million loss if you count proceeds from selling its stake in Suzuki Motors -- is a flickering beacon for a company that has been lost at sea for the last few years.
Some of GM's cost cuts appear to be taking hold, but the biggest driver was sales of its large SUVs. Buyers have been snapping them up since they hit showrooms in January, and they are paying as much as $6,000 per vehicle more than they spent on the models that were sold last year.
So, has GM turned the corner? Not yet. But there is progress (see BW Online, 4/13/06, "Lutz Says GM Is Over the Worst"). GM's revenue shot up in the quarter, but sustaining that won't be a slam dunk.
FAST START. Whenever an auto company launches a new vehicle, it cranks the plants up to full tilt to get inventory to dealers. The early models are usually loaded, and hence sell at fatter sticker prices.
GM Vice-Chairman and CFO Frederick A. "Fritz" Henderson says the launch of the SUVs accounted for about one-third -- or $1 billion -- of GM's $3 billion revenue gain in North America. Henderson concedes that as GM has launched the vehicles, it has upped production and is selling more top-end trucks. That may trail off as the year goes on, he says.
What's more, gasoline prices are once again jumping up. Right now, people are paying an average of $2.83 a gallon at the pump, according to the Automobile Club of America, almost 60 cents more than a year ago. Analysts say prices could easily hit $3 a gallon this summer.
That can't help SUV sales. Last year, domestic auto makers took a beating as higher gasoline prices slowed SUV sales.
SHRINKING SHARE. Of course, expensive gasoline won't kill SUVs. There still are plenty of buyers out there. And GM has the best boulevard boats on the market. GM already has two-thirds of the big SUV market, and its new trucks have made it tougher for Japanese competitors Nissan (NSANY) and Toyota (TM) to get a foothold.
"GM's large SUVs should hold their own," says Jim San Fillippo of Automotive Marketing Consultants. "They are the newest trucks on the market."
There are other problems, too. GM's market share continues to fall, having dropped from 25.2% to 23.7% in the first quarter. Though GM's inventories aren't exactly bloated, if its stake in the U.S. market continues to shrink, the company could have to slow its plants down, says Goldman Sachs analyst Robert Barry. That hits the bottom line.
If GM has to cut production, that puts even more pressure on parts makers. Companies such as interiors maker Lear Corp. (LEA) are struggling, and others, such as Collins & Aikman and Dana Corp., are already in bankruptcy and could see a drop in demand from GM.
PICKING UP. Still, give credit where it's due. GM's losses and its cash born rate are headed in the right direction. Henderson says that GM's previously announced cuts will chop $4.4 billion in costs in the second half.
Plus, in the second half GM will launch its new large pickup trucks. Since many pickup buyers use the vehicles for their livelihood, the market is less affected by high gasoline prices. Like the big SUVs, the new pickups should see gains both in sales volume and pricing.
GM even had some rare good news from Europe, where the struggling auto giant has been bleeding red ink by the billions since 2000: The company actually made $88 million. That's only the second quarterly profit in the Old World since 2000. Even Saab made money. Analysts are cautiously optimistic that GM's European business can be a regular contributor (see BW Online, 3/2/06, "GM-Europe's Saab Story").
CASH AND BURN. After selling off stakes in Japanese auto makers Fuji Heavy Industries, Suzuki, and Isuzu, GM now has $22 billion in cash. Its massive pension fund is over funded by $7.5 billion. That should keep bankruptcy speculation at bay for a while.
There are other possible problems looming, however. GM still needs to strike a deal with Delphi (DPHIQ ) -- the now-bankrupt parts unit it spun out in 1999 -- to deal with the supplier's angry union workers.
If GM, the UAW and Delphi can't get a deal by June, there could be a strike. That would shut GM down in a couple of weeks. Then the losses and cash burn would really accelerate.
GOOD SIGNS. Plus, profits from GM's GMAC finance arm are dropping. They fell $123 million to $605 million for the quarter. If and when GM's sale of 51% of GMAC does through, GM will have to give half of the declining finance earnings to the buyer, an investment group headed by Cerberus Capital Management (see BW, 4/24/06, "Cerberus To KKR: Eat Our Dust").
GM is far from fixed. But there are signs that the company is solving some of its big problems.
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Joined: Dec 2000
Posts: 8,504
From: Ohio
Re: GM Reports 6th Consecutive Quarterly Loss
Interestingly enough, GM's stock SOARED yesterday with an approx 10% gain.
It is down 2-3% today as I type this... probably adjusting for the big jump yesterday as people take some profit... but Wall Street seemed to like the loss.... being that it was so much smaller than before.
It is down 2-3% today as I type this... probably adjusting for the big jump yesterday as people take some profit... but Wall Street seemed to like the loss.... being that it was so much smaller than before.
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Joined: Nov 2000
Posts: 2,712
From: Ontario
Re: GM Reports 6th Consecutive Quarterly Loss
Now you can see why GM restated 2005's results and added about $2 billion to that year's losses. If they had've added it in 2006 Q1's results and reported a $2.5 billion loss, the press would have a lot more negative. Just goes to show the value of spin and lumping all the bad news together at one time.
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Posts: 472
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Re: GM Reports 6th Consecutive Quarterly Loss
Ford had a rough quarter..
http://biz.yahoo.com/ap/060421/earns_ford.html?.v=20
AP
Ford Posts $1.2B Loss in First Quarter
Friday April 21, 5:07 pm ET
By Dee-Ann Durbin, AP Auto Writer
Ford Motor Co. Posts $1.2 Billion Loss in the First Quarter As It Kicks Off Restructuring Effort
DEARBORN, Mich. (AP) -- Ford Motor Co. swung to a $1.2 billion loss in the first quarter as it began a costly restructuring effort amid weak U.S. sales, leaving Ford executives disappointed but determined to go ahead with their plan to cut 30,000 jobs and remake the No. 2 automaker.
"This transformation isn't going to be quick and it isn't going to be painless," Ford Chairman and Chief Executive Bill Ford said in a statement. "It involves risks and the financial rewards won't be immediate. But in the end, I believe we'll get there."
Investors weren't so sure. Ford's stock fell 63 cents, or nearly 8 percent, to close at $7.32 on the New York Stock Exchange, approaching its 52-week low of $7.13.
The loss of 64 cents per share for the January-March period compares with a profit of $1.2 billion, or 60 cents per share, a year earlier. Sales fell 9 percent to $41.1 billion from $45.1 billion a year ago. It was Ford's worst quarterly performance since the fourth quarter of 2001, when the company posted a $5.07 billion loss due to $4.1 billion in costs for a previous restructuring plan.
The Dearborn-based automaker's results were in stark contrast to its bigger crosstown rival General Motors Corp., which reported record quarterly revenues and a smaller loss for the quarter on Thursday. GM lost $323 million for the quarter versus a loss of $1.3 billion the previous year. GM has begun its own North American restructuring after losing $10.6 billion last year.
Analysts said the difference was Ford's weaker mix of vehicles. While GM was raking in profits from its new lineup of sport utility vehicles, Ford was heavily dependent on mid-size cars with lower margins, Goldman Sachs analyst Robert Barry said. Ford's SUV sales plummeted in the first quarter, with sales of the Ford Explorer down 25 percent. The company's overall U.S. sales fell 3 percent for the January-March period.
Ford said it spent more on incentives and had a higher number of low-margin lease and fleet sales than the year before. The automaker also suffered losses at the 23 former Visteon Corp. facilities it took over last fall as part of a deal to avert bankruptcy at the auto supplier, its former parts division.
Despite those headwinds, Ford in January launched its Way Forward restructuring plan, which calls for cutting 30,000 jobs and closing 14 facilities by 2012. Ford's first-quarter results included a pretax charge of $1.7 billion, or 61 cents per share, for costs associated with the plan, including buyouts and pay for laid-off hourly workers whose plants have been idled.
Excluding one-time items such as restructuring charges, Ford said it earned $458 million, or 24 cents per share. That was one penny a share below Wall Street's expectations, according to analysts surveyed by Thomson Financial.
Ford should start reaping the benefits of its restructuring efforts in future quarters. A deal with the United Auto Workers that makes retirees pay more for their health care is expected to take effect this summer, for example. But Ford Americas President Mark Fields wouldn't be specific about when the company will see those gains or will resume providing financial guidance.
"Our path is not going to be linear or smooth. It's still early days," Fields said.
That left some analysts pessimistic.
"We believe implementation has been slow and it could be some time before benefits are realized," Merrill Lynch analyst John Murphy said in a note to investors.
Ford's North American automotive unit, which has been struggling with declining sales and high fixed costs, reported a pretax loss of $2.9 billion for the first quarter, down from a $557 million profit the previous year. Excluding one-time items, the division lost $457 million, compared with a $644 million profit in 2005.
Worldwide, Ford's automotive operations lost $2.7 billion versus a profit of $473 million last year. Excluding one-time items, worldwide operations lost $184 million in contrast to a $580 million profit last year. Ford sold 1.7 million vehicles worldwide in the first quarter, up 3 percent from a year ago despite the decline in the U.S.
Ford Motor Credit Co. earned $479 million for the quarter, down 33 percent from $710 million a year ago. The division said it faced higher borrowing costs due to Ford's credit rating, which fell below investment grade last year.
Bill Ford said the company was encouraged because every division outside North America was profitable in the first quarter. A bright spot was the Premier Automotive Group, Ford's luxury division and a perennial drag on earnings, where strong sales at Land Rover helped swing the unit to a $163 million profit from a $55 million loss a year ago.
Bill Ford and Fields said the results won't sway their product plans, including the introduction of the redesigned Ford Expedition and Lincoln Navigator SUVs this summer. Fields said that while SUV sales have been down, Ford believes its products can compete even with record-high oil prices.
"We've seen the gas prices spike up, but as we've seen last year, that's very volatile," Fields said.
Ford also defended a zero-percent financing offer on its hybrid SUVs, saying it expects to set a sales record for those vehicles in April. Bill Ford said the company will continue to push hybrids and ethanol even in the difficult financial climate.
"Oil is a dear resource and is not going to get any less dear as we go into the future," he said.
http://biz.yahoo.com/ap/060421/earns_ford.html?.v=20
AP
Ford Posts $1.2B Loss in First Quarter
Friday April 21, 5:07 pm ET
By Dee-Ann Durbin, AP Auto Writer
Ford Motor Co. Posts $1.2 Billion Loss in the First Quarter As It Kicks Off Restructuring Effort
DEARBORN, Mich. (AP) -- Ford Motor Co. swung to a $1.2 billion loss in the first quarter as it began a costly restructuring effort amid weak U.S. sales, leaving Ford executives disappointed but determined to go ahead with their plan to cut 30,000 jobs and remake the No. 2 automaker.
"This transformation isn't going to be quick and it isn't going to be painless," Ford Chairman and Chief Executive Bill Ford said in a statement. "It involves risks and the financial rewards won't be immediate. But in the end, I believe we'll get there."
Investors weren't so sure. Ford's stock fell 63 cents, or nearly 8 percent, to close at $7.32 on the New York Stock Exchange, approaching its 52-week low of $7.13.
The loss of 64 cents per share for the January-March period compares with a profit of $1.2 billion, or 60 cents per share, a year earlier. Sales fell 9 percent to $41.1 billion from $45.1 billion a year ago. It was Ford's worst quarterly performance since the fourth quarter of 2001, when the company posted a $5.07 billion loss due to $4.1 billion in costs for a previous restructuring plan.
The Dearborn-based automaker's results were in stark contrast to its bigger crosstown rival General Motors Corp., which reported record quarterly revenues and a smaller loss for the quarter on Thursday. GM lost $323 million for the quarter versus a loss of $1.3 billion the previous year. GM has begun its own North American restructuring after losing $10.6 billion last year.
Analysts said the difference was Ford's weaker mix of vehicles. While GM was raking in profits from its new lineup of sport utility vehicles, Ford was heavily dependent on mid-size cars with lower margins, Goldman Sachs analyst Robert Barry said. Ford's SUV sales plummeted in the first quarter, with sales of the Ford Explorer down 25 percent. The company's overall U.S. sales fell 3 percent for the January-March period.
Ford said it spent more on incentives and had a higher number of low-margin lease and fleet sales than the year before. The automaker also suffered losses at the 23 former Visteon Corp. facilities it took over last fall as part of a deal to avert bankruptcy at the auto supplier, its former parts division.
Despite those headwinds, Ford in January launched its Way Forward restructuring plan, which calls for cutting 30,000 jobs and closing 14 facilities by 2012. Ford's first-quarter results included a pretax charge of $1.7 billion, or 61 cents per share, for costs associated with the plan, including buyouts and pay for laid-off hourly workers whose plants have been idled.
Excluding one-time items such as restructuring charges, Ford said it earned $458 million, or 24 cents per share. That was one penny a share below Wall Street's expectations, according to analysts surveyed by Thomson Financial.
Ford should start reaping the benefits of its restructuring efforts in future quarters. A deal with the United Auto Workers that makes retirees pay more for their health care is expected to take effect this summer, for example. But Ford Americas President Mark Fields wouldn't be specific about when the company will see those gains or will resume providing financial guidance.
"Our path is not going to be linear or smooth. It's still early days," Fields said.
That left some analysts pessimistic.
"We believe implementation has been slow and it could be some time before benefits are realized," Merrill Lynch analyst John Murphy said in a note to investors.
Ford's North American automotive unit, which has been struggling with declining sales and high fixed costs, reported a pretax loss of $2.9 billion for the first quarter, down from a $557 million profit the previous year. Excluding one-time items, the division lost $457 million, compared with a $644 million profit in 2005.
Worldwide, Ford's automotive operations lost $2.7 billion versus a profit of $473 million last year. Excluding one-time items, worldwide operations lost $184 million in contrast to a $580 million profit last year. Ford sold 1.7 million vehicles worldwide in the first quarter, up 3 percent from a year ago despite the decline in the U.S.
Ford Motor Credit Co. earned $479 million for the quarter, down 33 percent from $710 million a year ago. The division said it faced higher borrowing costs due to Ford's credit rating, which fell below investment grade last year.
Bill Ford said the company was encouraged because every division outside North America was profitable in the first quarter. A bright spot was the Premier Automotive Group, Ford's luxury division and a perennial drag on earnings, where strong sales at Land Rover helped swing the unit to a $163 million profit from a $55 million loss a year ago.
Bill Ford and Fields said the results won't sway their product plans, including the introduction of the redesigned Ford Expedition and Lincoln Navigator SUVs this summer. Fields said that while SUV sales have been down, Ford believes its products can compete even with record-high oil prices.
"We've seen the gas prices spike up, but as we've seen last year, that's very volatile," Fields said.
Ford also defended a zero-percent financing offer on its hybrid SUVs, saying it expects to set a sales record for those vehicles in April. Bill Ford said the company will continue to push hybrids and ethanol even in the difficult financial climate.
"Oil is a dear resource and is not going to get any less dear as we go into the future," he said.
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Posts: 2,712
From: Ontario
Re: GM Reports 6th Consecutive Quarterly Loss
Ford said it spent more on incentives and had a higher number of low-margin lease and fleet sales than the year before.
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Posts: 2,368
From: OR
Re: GM Reports 6th Consecutive Quarterly Loss
Originally Posted by R377
Now you can see why GM restated 2005's results and added about $2 billion to that year's losses. If they had've added it in 2006 Q1's results and reported a $2.5 billion loss, the press would have a lot more negative. Just goes to show the value of spin and lumping all the bad news together at one time.
I can't figure it out from the poor signal to noise ratio.. I thought it was a restate, for the reasons you already posted.. But then there are some other places that claim it was actually an error, which kinda threw me off..
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Joined: Nov 2000
Posts: 2,712
From: Ontario
Re: GM Reports 6th Consecutive Quarterly Loss
Originally Posted by Ken S
wait, did they re-state? or did they make a mistake?
I can't figure it out from the poor signal to noise ratio.. I thought it was a restate, for the reasons you already posted.. But then there are some other places that claim it was actually an error, which kinda threw me off..
I can't figure it out from the poor signal to noise ratio.. I thought it was a restate, for the reasons you already posted.. But then there are some other places that claim it was actually an error, which kinda threw me off..
Restating an additional $2 billion in losses pretty much has to be a conscious decision to move certain items to different time period (in this case, lump it in with an already horrible previous quarter).
Last edited by R377; Apr 22, 2006 at 05:30 PM.
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