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GM posts $15.5 billion loss

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GM posts $15.5 billion loss

por acintra » 1/8/2008 12:40

Restructuring charges plague automaker's results.

Last Updated: August 1, 2008: 7:23 AM EDT

NEW YORK (CNNMoney.com) -- General Motors reported a huge second-quarter net loss Friday of $15.5 billion after restructuring and other charges.

The automaker lost $27.33 per share in the quarter, compared to a profit of $784 million, or $1.37 per share, a year ago.

On an adjusted basis, GM posted a net loss of $6.3 billion, or $11.21 per share, compared with net income from continuing operations of $1.3 billion, or $2.29 per share, in the same period last year.

GM (GM, Fortune 500) stock fell 7% in pre-market trading.

The automaker posted revenue of $38.2 billion, down from $46.7 billion a year ago.

Analysts polled by Thomson Reuters were expecting revenue of $44.6 billion, although it wasn't immediately clear if the two were comparable.

In a press release, GM said its results were impacted by $9.1 billion of predominantly non-cash special items.

It named strikes, labor cutbacks, and actions to reduce vehicle output as main reasons for the loss.
Um abraço e bons negócios.

Artur Cintra
 
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