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.