Q1 GM reports $3.3 Billion Loss

[Media!]

http://www.gm.com/corporate/investor...ings/index.jsp

GM Reports Preliminary First Quarter 2008 Financial Results

• First quarter revenue of $42.7 billion
• Positive adjusted automotive earnings before tax, with improvement of over $160 million
• Positive reported automotive earnings before tax, down by $118 million
• Adjusted net loss of $350 million, reported net loss of $3.3 billion
• Continued strong results in emerging markets
• Liquidity position of $23.9 billion

[lam]

General Motors Corp. today announced financial results for the first quarter of 2008, marked by improved adjusted automotive operating performance, rapid growth in emerging markets, continued cost performance in GM North America operations and liquidity of nearly $24 billion, despite the impact of the American Axle strike on North America operations and weakness in the U.S auto industry.

We continue to leverage our global product portfolio to take advantage of tremendous growth in key emerging markets, while at the same time taking the appropriate actions to deal with the challenging economic conditions in the U.S.'' said GM Chairman and Chief Executive Offcer,Rick Wagoner.



http://biz.yahoo.com/prnews/080430/clw071.html?.v=101

[Sinner]

Wow, more non-cash charges. I would have done them at the same time as the 29Billion one, would have made Q1 not look as bad. All people are going to see is $3.3 Billion loss.

On the positive side though, they did make a Billion dollars in the rest of the world.

[andy82471]

Wow GM has mastered the art of putting a positive spin on a very bad situation. So a 3.3 billion loss isn't that bad anymore ? Only an ineptitude company like GM can still keep Wagoner as its chairman. He would have been long gone had it been any other company with half a brain.

[tamatt27]

Originally Posted by Sinner

Wow, more non-cash charges. I would have done them at the same time as the 29Billion one, would have made Q1 not look as bad. All people are going to see is $3.3 Billion loss.

On the positive side though, they did make a Billion dollars in the rest of the world.

Yup, that's all we're going to hear is the loss word.

[eaton53]

These things are always so convoluted... but I think I saw an actual profit from car-making.

[Lewie]

Originally Posted by andy82471

Only an ineptitude company like GM can still keep Wagoner as its chairman.

ineptitude?

I love when someone tries to trash a company or person and ends up looking inept themselves.

[1931Chevy]

Well after reading part of the report it wasnt that bad because $1.45 billion is related to GMAC, 731 million on the albatroz of Delphi and the other on taxes but considering that this was al about non cash transactions this is just for the books like the 39 billion loss that it was for the books non cash related it was not a bad quarter considering the US economy, but they need to fix that because if things get better in the second quarter it will be unnaceptable if GM losses money in the 4 quarter since they have a lot of new products in the market

[andy82471]

Originally Posted by Lewie

ineptitude?

I love when someone tries to trash a company or person and ends up looking inept themselves.

Look yourself in the mirror if you want to see the definition of ineptitude. We have been hearing for five years that GM is about to turn a corner. Market share gains and profits are coming soon. Blah blah blah. And five years later they are in a bigger hole than before. And now GM can't even predict when they will be profitable. While companies like Toyota topples them in sales number and profits and is laughing all the way to the bank. I am sure the Chairman of Toyota is praying that GM keeps Wagoner for a long time to come.

[K-1]

Originally Posted by eaton53

These things are always so convoluted... but I think I saw an actual profit from car-making.

Nope, $589mil operating loss (see Pg 16 in the .PDF). After that, they took a $1.6bil hit from GMAC.

[member12]

How the hell do you lose that much money?

Why are they taking on more debt with delphi?

Why are they reporting a change in stock value of GMAC as a loss? (Am I mis-reading something?)

I'm sure accounting and auditing classes will be talking about this today.....

[windvale]

So Ford made $100 million, and GM is still losing money ? YEARS are slipping by, and GM keep losing money - Lots and lots of money. Billions in fact. How long is it going to take to turn GM around ?

If Rick and his team can't get it done, then maybe they need to get some folks in there that can. Alan Mulally seems to be able to turn a profit...

[paul8488]

Did they make money or not?!? Sheesh, I hate those reports. I want to know if they made money or not, not if previous years tax income based on next years projected yearly earnings divided by 15% of 2001's overall gross net total partial summary growth average coefficient is in the fourth quadrant of Jupiters third moon or not.

Anyone STILL think that GM is going to find the cash to properly fund 8 North American brands?

[eaton53]

Originally Posted by K-1

Nope, $589mil operating loss (see Pg 16 in the .PDF). After that, they took a $1.6bil hit from GMAC.

I saw adjusted automotive earnings before taxes of $392 million. You have to count world-wide, not just NA.

Obviously NA is going to continue to suck until the contract kicks in.

[VCDJ]

Great rick and Lutz did it again. Every time they open their mouth you hear gm lost money or cafe sucks. When are we going to get rid of these idiots. How many more billions does gm need to lose. Do we want gm to go out of business? How many billinois of dollars did rick lose? How much of market share did he lose? When are we going to say enough no more. Pack you Sh** and get out. We do not want you anymore. But only gm can keep a ceo that constantly keeps losing money and investing in wrong product (like pushing gmt 900 and ignoring delta, epII and zeta). If i was president of toyota, i would keep rick picture in my office. This guy made toyota what toyota is today.