General Motors Corp. Chief Executive Officer Rick Wagoner, under pressure from billionaire Kirk Kerkorian for better results, may win some breathing room by reporting a second-quarter operating profit on job cuts and higher sales of sport-utility vehicles.
GM, the world's largest automaker, tomorrow will announce a profit of 80 cents a share, not counting an estimated $3.8 billion charge for employee buyouts, according to JP Morgan Securities analyst Himanshu Patel, ranked among the most accurate on the company by StarMine Corp. The average estimate of 15 analysts surveyed by Thomson Financial is 52 cents. A year earlier, GM lost 41 cents a share excluding one-time costs.
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