GM states: We lost $3.5Billion 1Q 2008, but...
...Operations Beat Expectations
Hmmm... I guess that (sort of) puts a positive spin on it. Here's the quick and dirty preliminary 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
For the in-depth (and dirty) preliminary results, go
here.
- Permalink | Comments (2)
- Posted by: Bob Holland May 1, 2008, 4:00 AM
- Categories: General Motors
I remember GM blaming the American Axle strike for 1/3 of that loss, but there's quite a bit of surplus in terms of trucks and SUVs. I doubt it had much of an effect on sales.
While this is bad, it's nowhere near as bad as Ford's $10B quarterly loss a couple years ago. Still, GM can't afford many more quarters like that.
Lies, damn lies, and statistics...