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Posts Tagged “Earnings”
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industry news
GM Reports $39 Billion One-Time Net Loss For Third Quarter, $1.6 Billion Adjusted Net Loss
GM reported last night a $39 billion (yes, that's "billion" with a "b") loss or $68.85 per diluted share, for the third quarter of 2007, compared with a reported net loss of $147 million, or $.26 per diluted share, in the year-ago quarter. The majority of that number was due to special charges of $37.4 billion related largely to a previously announced valuation allowance against its deferred tax assets. But, regardless of the one-time charge, the General showed some serious losses in the third-quarter totaling an adjusted net loss of $1.6 billion, or $2.80 per diluted share, compared to the net income of $497 million, or $0.88 per diluted share, in the year-ago quarter. What caused the variance? It seems it's coming primarily from a serious drop in income at GMAC, as well as what GM's calling "increased corporate expense related to legacy cost, foreign exchange and various 2006 tax benefits..." but they claim we shouldn't worry because it's "partially offset by improved performance in automotive operations." Well, umm, that's good it's "partially offset." We'll have more on the big write-down later — but first we have to find a way to, as one tipster asked this morning, "explain it in terms a six-year-old can understand." Full press release from the General after the jump. More »
industry
Ford Loses Less Money Than Otherwise Could Have!
Ford reported today that sales this October were only 9.5% lower than sales last October, which is actually not as bad as some thought it could have been. For the month Ford sold 195,462 vehicles, with a 0.9% increase in truck models (which include crossovers), but a 26% decrease in car sales. High on this list of things Ford is going to blame for this is the downturn in home building, which has resulted in a downturn in sales of the F-series pickups to contractors and builders. Press release after the jump. More »
official car pundit drinking game
We didn't have time to run an official drinking game last night, but our senior editor from Detroit was on CNBC last night talking GM earnings. So help us out and tell us how many drinks it would have been if we'd been playing with the rest of our rules.
How Many Drinks Was That? Invisible Drinking Game And GM Earnings Edition
We didn't have time to run an official drinking game last night, but our senior editor from Detroit was on CNBC last night talking GM earnings. So help us out and tell us how many drinks it would have been if we'd been playing with the rest of our rules.
beating the street
GM Shows Quarterly Profit Globally -- And In North America -- Umm -- Something
The General released earnings numbers for it's most recent quarter just moments ago, beating analyst expectations of a slight profit. The biggest US automaker showed $45.92B in net revenues and a net income of $891 million ($1.56 per diluted share) for the second quarter of 2007, an improvement of $4.3 billion compared with a reported net loss of $3.4 billion ($5.98 per diluted share) in the year-ago quarter. Those numbers also include $520 million ($.92 per diluted share) in net special items, including $374 million in charges associated with GM's support of the bankruptcy and reorganization of Delphi and other fun stuff going on with restructuring of GM NorAm. But the biggest piece of news in the release is:"GMNA had adjusted net income from continuing operations of $78 million in the second quarter 2007 (reported net loss from continuing operations of $39 million), compared to adjusted net loss of $94 million from continuing operations (reported net loss from continuing operations of $3.95 billion) in the second quarter 2006."So, they had "adjusted net income of $78 million" and a "reported net loss from continuing operations of $39 million?" Which one is it? Well, whatever it is, even in the short term, if anyone thinks the General's out of the woods, think again. Things will get dicey tomorrow yet again, as Edmunds is predicting July US sales for the big ol' automaker from Detroit to be down 18% when those numbers are announced. Full press release below the jump. More »
Shares Of General Motors Up Over 5% At Today's Market Close
Does someone maybe know something about GM's earnings announcement tomorrow that we don't? We dunno, we're just askin'...
Does someone maybe know something about GM's earnings announcement tomorrow that we don't? We dunno, we're just askin'...
mo money no problems
Oh, What A Feeling -- Of Toyota Making Almost $14 Billion In 2006!
Just to give you an idea of how much money we're talking about here (in case you can't wrap your mind around ¥1.64 trillion — $13.7 billion — in profits off of ¥23.94 trillion — $199.5 billion — in net revenues ) when I used to work for the State of Michigan, I remember the state's general fund operating budget was like around $8 billion. That means Toyota made almost twice as much money this past year as the State of Michigan spent on the courts, the legislature, all of the offices of the statewide elected officials, the prisons — plus overages in programs like schools and health care coverage. Oh yes, plus all the money spent on public universities by the State, the department of human services...I think you get my drift here. Full press release from ToMoCo after the jump.More »
the oracle has spoken
Delphi Loses $533 Million In First Quarter Of 2007
The Oracle, she has spoken — and the words coming out of her mouth are most assuredly not good for the General's big auto supplier. Delphi said it took in $6.7 billion in revenue and lost $533 million during the first three months of this year. That's substantially worse than the $7.0 billion in revenue and $363 million in red ink they dripped during the first quarter of 2006. Although Delphi claims $73 million of that loss was "attributable to employee termination costs," there's still a question of why they're hemorrhaging almost $100 million more year-on-year. We're sure glad all the great execs at Delphi were paid that $38 million in bonuses though, aren't we? More »
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No Way Of The Day: GM Records First Quarter...Profits?!
For serious. Everyone's favorite lovable and huggable automaker that's the world's
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