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GM Falls Short of Q1 Analyst Expectations

Maker takes $500 million in special charges related to Russia, victims fund.

by on Apr.23, 2015

GM reported earnings that were lower than expected in the first quarter of this year.

General Motors reported lower than expected first-quarter adjusted earnings of 86 cents per share on revenue of $35.7 billion.

The Detroit-based automaker was expected by analysts to report earnings of 97 cents per share and revenue of $37.6 billion.

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The results were impacted by $050 million in special charges taken by the automaker related to shutting down its business in Russia and the company’s victims compensation program. They amounted to 30 cents per share. (more…)

GM Forecasts Improved Profitability in 2015

Past year’s balance sheet battered by recall crisis.

by on Jan.14, 2015

General Motors CEO Mary Barra is predicting a strong 2015 for the Detroit-based automaker.

After watching General Motors get hammered for its safety lapses last year, investors have gotten some good news from the Detroit automotive giant. GM’s senior management team, led by CEO Mary Barra, predicted earnings should bounce back in 2015.

While they didn’t offer a specific earnings target, Barra and her top lieutenants told those attending an industry conference in Detroit that they are on track to meet their financial targets, in part due to the anticipated turnaround of the company’s long-troubled European operations.

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“We had a pivotal year in 2014, outlining a customer-focused strategic plan for the company and delivering on our commitments by achieving strong core operating performance,” Barra said during the Deutsche Bank 2015 Global Auto Industry Conference. “We’ll build on this momentum in 2015 and continue executing our plan to become the most-valued automotive company.” (more…)

GM Revenue Up Slightly for Q4, Full Year

Maker paying profit sharing up $7,500 to hourly employees.

by on Feb.06, 2014

General Motors Co. (NYSE: GM) today reported 2013 calendar-year net income of $3.8 billion, or $2.38 per fully-diluted share.

While its revenue for the quarter and the year rose, General Motors reported its fourth-quarter earnings were flat and full-year earnings were down on a year-over-year basis due to special charges related to some of the company’s restructuring actions.

However, the company’s positive performance in North America buoyed its quarter and year and resulted in its eligible hourly employees expected to received profit sharing checks up to $7,500 each.

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“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.” (more…)

GM Q2 Results Tomorrow. IPO Filing Friday?

Look for significantly improved profits, as production is way up, costs slashed. Only problem is Opel's bleeding in Europe.

by on Aug.11, 2010

No one is happy with taxpayer ownership of GM.

General Motors Company is due to release Q2 results tomorrow morning that some analysts predict will be a significant improvement on its Q1 performance.

Some of the speculation was prompted by GM CEO Ed Whitacre, who recently said that the privately held company would post impressive results in Q2, implying it would far surpass a profit of $865 million in Q1.

A blowout quarter is the next step in building a story for potential buyers of new GM stock when the reorganized company goes public, a goal that all senior executives are focused on, with considerable pressure from the Obama Administration. Facing increasing Republican criticism of government spending, the Administration wants to put the politically unpopular taxpayer funded auto bailouts behind it before the midterm Congressional elections this fall.

Government Motors, as GM is derisively known in conservative circles, is also a huge marketing negative for a company that has been losing share for decades.

An IPO will require an Securities and Exchange Commission filing that could come as soon as Friday, says Joe Phillippi of the AutoTrends consultancy.

(more…)