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GM Posts $3.3B Loss on Weak US Market, Strikes

By Kevin Spak,  Newser Staff

Posted Apr 30, 2008 7:16 AM CDT
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(Newser) – General Motors today posted a $3.3 billion first-quarter loss, AP reports, due in part to a weak US market, a strike at a major supplier, and plummeting sales of sport utility vehicles and pickups. The loss amounted to $5.74 per share, including one-time charges. Without the charges, it appeared GM's adjusted results beat Wall Street expectations.  

GM said a two-month strike at American Axle and Manufacturing Holdings Inc., affecting 30 plants, has cost it $800 million. GM's loss included a $1.45 billion charge to reflect a change in the value of  the company's interest in GMAC Financial Services and $731 million to increase GM's liability in Delphi Corp.'s ongoing bankruptcy. Excluding the one-time items, GM lost $350 million, or 62 cents per share. Analysts surveyed by Thomson Financial had expected a loss of $1.60 per share.

The new Buick Invicta is on display during the GM Premiere, part of the 2008 Beijing Auto Show in Beijing Saturday, April 19, 2008.
The new Buick Invicta is on display during the GM Premiere, part of the 2008 Beijing Auto Show in Beijing Saturday, April 19, 2008.   (AP Photo/Oded Balilty)
A group of GMC Yukons sit on a lot at the Ray Laethem GMC Trucks dealership in Detroit, Mich., Tuesday, April 29, 2008.
A group of GMC Yukons sit on a lot at the Ray Laethem GMC Trucks dealership in Detroit, Mich., Tuesday, April 29, 2008.   (AP Photo/Gary Malerba)
General Motors Corp. CEO Rick Wagoner shows off the new Chevrolet Volt during the GM Premiere part of the 2008 Beijing Auto Show in Beijing Saturday, April 19, 2008.
General Motors Corp. CEO Rick Wagoner shows off the new Chevrolet Volt during the GM Premiere part of the 2008 Beijing Auto Show in Beijing Saturday, April 19, 2008.   (AP Photo/Oded Balilty)
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