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GM to release first earnings statement since bankruptcy exit

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GM to release first earnings statement since bankruptcy exit



NOVEMBER 11, 2009 - 4:42 PM ET

DETROIT -- General Motors Co. next week will release its first earnings statement since it emerged on July 10 from 39 days in federal bankruptcy protection.

The announcement on third-quarter earnings will be made Monday, Nov. 16, at 7 a.m. eastern time, the company said in a statement today. GM has been operating on $50 billion in government loans.

During a Nov. 5 press briefing, CEO Fritz Henderson said GM was on track to out perform the targets it had set in its viability plan submitted to the U.S. Treasury in April. He declined, however, to offer name specific areas of improvement.

“I'm not going to get into whether we're generating cash or not generating cash, but I would certainly say the situation is more stable than what the outlook was even just two months ago,” Henderson said at the media briefing. Cash for clunker sales will be reflected in the third-quarter financial statement. Prior to filing for U.S. bankruptcy protection in June, GM presented a viability plan to the government. The plan assumed GM would have a 19.5 percent U.S. share in 2009, with that share stabilizing in the 18.4 to 18.9 percent range in subsequent years.

That share estimate considers only four core brands: Chevrolet, Cadillac, Buick and GMC. GM is winding down Pontiac and Saturn and selling Saab and Hummer.

The viability plan also assumed that due to cost cuts, GM's North American structural costs would decline 25 percent from $30.8 billion in 2008 to $23.2 billion in 2010.

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