Jump to content
  • Greetings Guest!

    CheersandGears.com was founded in 2001 and is one of the oldest continuously operating automotive forums out there.  Come see why we have users who visit nearly every day for the past 16+ years. Signup is fast and free, or you can opt for a premium subscription to view the site ad-free.

Sign in to follow this  
NINETY EIGHT REGENCY

GM to release first earnings statement since bankruptcy exit

Recommended Posts

GM to release first earnings statement since bankruptcy exit

JAMIE LAREAU

AUTOMOTIVE NEWS

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.

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  



About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.