GM Reports 2006 Financial Results - loses $2 billion

cpruitt submitted on 03/14/2007 Official AutoSpies Timestamp: 1:08 PM
from: blogs.motortrend.com

[6] user comments | category: Report Cards

Tags: GM financial results

GM financial results

General Motors reported a 2006 net loss of $2.0 billion, or $3.50 per share Wednesday morning. Still a loss, yes, but vastly improved from '05's loss of $10.4 billion (adjusted by $0.2 billion to GM's favor, versus the adjusted loss it reported a year ago).

And GM posted net income in the fourth quarter of '06, of $180 million.

The numbers back this up: GM is recovering, but it's not back to full health. GM made $422 million on cars and trucks globally last year ($228 million in the fourth quarter). It lost $14 million on cars and trucks in North America in the fourth quarter, and lost a total of $779 million here for the year. Blame that on vast cuts in its deliveries to daily rental fleets combined with the costs of launching several major new models. GM North America (GMNA) built 207,000 fewer vehicles in '06 versus '05.... Read Article

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TheSailor - 3/14/2007 3:29:05 PMView My AgentSpace

+2 Boost

Uhmm GM: You are supposed to make money, not just use them!

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5MTenthus - 3/14/2007 3:36:05 PM

+1 Boost

The trend is reversing though, they lost a lot less this year...

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GTR35 - 3/14/2007 3:49:10 PMView My AgentSpace

0 Boost

You're talking about 2006 right? But they also made alot less cars, giving it less chances of losing even more money, a smart decision after all.
I hope GM gets back on their feet though. They need to focus more on what brings in the money: small/midsize sedans. I would love to see the Camaro comeback but I doubt it would bring any profit at this time.

S4cabriofoxone - 3/14/2007 5:51:28 PMView My AgentSpace

0 Boost

GTR, I completely agree.

Camaro is a great halo car... but they've already worked on that. The concepts are stunning- they should leave them almost as they are and focus on great sedans and hatches.

The new Malibu and Aura are promising.

S4cabriofoxone - 3/14/2007 5:50:32 PMView My AgentSpace

-1 Boost

Hey, it's better than losing $10 billion in 2005!

And they might be profitable this year.

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AMGC55 - 3/15/2007 12:49:55 PM

+2 Boost

thanks to cars like... the xlr..the arcadia..selling h2's when hybrids are in favor... ya... just bad timing...

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