Holy Restated Earnings! GM's Back In Black With A First Quarter Profit Shift


GM's bean-counters have been working overtime over at the RenCen this week, shifting over some of its obligations from last year's health care agreement and some higher gains from its holding in Suzuki Motor Corp, and lo' and behold, found an extra $768 million in their bottom line. That'll flip them from a first-quarter $323 million loss to a $445 million profit — jeez, that's kinda a jump, don't ya think? We don't see any reason for those SEC investigations into accounting irregularities, do you? But — to be fair — GM did tell investors back in April its numbers were totally preliminary, and the final results would in all likelihood change. Give 'em credit where credit's due folks — their accountants totally kicked ass this quarter!

GM's 1st quarter: From red to black [Detroit News]

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Welcome Back, General Motors! [internal]