: Profit for GM, finally



Jesda
03-14-07, 08:09 AM
March 14, 2007

By KATIE MERX

FREE PRESS BUSINESS WRITER

General Motors Corp. today credited on-target cost-cutting and improved automotive results with boosting its fourth-quarter profit to $950 million.

It was the company’s first quarterly profit in two years.

In the fourth quarter a year earlier, GM lost $6.6 billion.

Revenue for the final quarter of 2006 was $51.2 billion, down from $51.7 billion a year earlier. GM said the decline was more than accounted for by the exclusion of finance division GMAC’s December revenue.

For all of 2006, the world’s largest automaker lost $2 billion, improved from its net loss of $10.4 billion in 2005. The company reported record annual revenue of $207 billion, up from $195 billion in 2005.

Were it not for special costs — largely associated with such restructuring measures as massive buyouts and costs associated with the Delphi bankruptcy — GM said it would have posted a profit of $2.2 billion for 2006.

Analysts give GM credit for being the furthest along in its financial turnaround of the three Detroit automakers. And its results contrast with declines in year-end results at Ford Motor Co. and DaimlerChrysler AG’s Chrysler Group. Ford lost $12.7 billion in 2006 and Chrysler’s parent began shopping for a buyer following its $1.5-billion year-end loss.

More:
http://www.freep.com/apps/pbcs...ENT03 (http://www.freep.com/apps/pbcs.dll/article?AID=/20070314/BUSINESS01/70314010/0/ENT03)

Sinister Angel
03-14-07, 08:35 AM
Now just to axe the unions...

Wiseguy2
03-14-07, 09:45 AM
Now just to axe the unions...

Amen!

P-Funk
03-14-07, 03:30 PM
Now just to axe the unions...


Amen!

:yeah:

jstein12
03-14-07, 07:58 PM
:yeah:

Yeah, carzy stuff.

GM declared last year that their benefits costs were more than any health insurance cos. claims combined.

They spend more on these costs than all raw materials and assembly costs combined!

They (GM) basically stated that they simply wanted to be an auto manufacturer. Their core business has become insubordinate to which what once was "fringe" costs.

Waitin for a beatin:thepan:

Blackout
03-14-07, 10:18 PM
And here I thought they were going to make $3.50 and a jaw breaker