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| GM warns of hefty Q1 Losses. http://forum.fbodyeurope.org/phpBB3/viewtopic.php?f=11&t=5500 |
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| Author: | TurboManiacal [ Thu Mar 17, 2005 8:58 am ] |
| Post subject: | GM warns of hefty Q1 Losses. |
Ford is not far behind in losses and being on the brink of Chapter 11. Things that NEED to change in Detroit: - Healthcare for Employees - UAW needs to be abolished, destroyed and dismembered As much as I hate to say it...but I'm guessing a merger between Ford and GM is going to happen eventually. 5 years? Maybe. [quote]DETROIT - General Motors Corp., the world’s biggest automaker, slashed its earnings projections Wednesday for the first quarter and the full year, citing lower North American sales and production, an inability to raise prices and higher expenses for items such as health care. Its share price tumbled to its lowest level in more than a year in morning trading. advertisement GM said it expects a first-quarter loss of about $1.50 a share, compared with a previous target of break-even or better. It expects income of $1 to $2 per share for the full year, down from its previous guidance of $4 to $5. GM is scheduled to report first-quarter results Jan. 19. Its shares tumbled $4.17, or 12.4 percent, to $29.55 in morning trading on the New York Stock Exchange, trading below its lowest closing level of $33.69 for the past 52 weeks. The automaker, whose U.S. market share has dwindled in the face of gains by Asian rivals, said its finance arm, GMAC, as well as its other sales regions, were on track to meet 2005 income targets. But production cuts in North America in the first and second quarters of this year, coupled with extremely competitive pricing, forced GM to sharply revise its earnings forecast. North America is the automaker’s largest market. “GM North America is, simply put, our 800-pound gorilla, and today’s announcement really shows how important it is we get this business right,†|
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