Events Calendar
In This Section
Women's leadership program makes debut
U.S. Walmarts to stay open Thanksgiving
FedEx says IRS won't be imposing penalties
Regulators eyeing Ally Bank tactics
Day with Warren Buffett enriching to UA students
Wisdom from billionaire Warren Buffett
Number of females in unions increasing
Investors take break after major five-day advance
Most Read Stories
Chapel Hill isn't rolling right along
New eateries expand menu of options
Akron City Council OKs higher speed on I-77
Coventry woman abducted at gunpoint; ex-boyfriend arrested after 100-mph chase
Patrick McManamon: Here's what the Browns should try the rest of the season
Suitcase causes bomb scare at Akron bus terminal
Stark County engineer dies at 49
Man says he was punched, robbed by 3 people in parking lot
Blogs:
Pets:
First Person: Inside St. Louis Pit Bull Shelter
The Heldenfiles:
Tuesday Notebook
Patrick McManamon:
Allen Iverson to the Cavs? Stop the madness!
Akron Zips:
Interview with a Temple blogger
Tribe Matters:
Indians announce spring dates
Cleveland Browns:
Quinn tabbed to start against Ravens Monday night
Kent State Sports:
KSU Notes – November 11
Cleveland Cavaliers:
Cavs: Yeah, on That Issue of Privacy
Buckeye Blogging:
Buckeyes Roll 100-60 / Season Outlook
Varsity Letters:
Twinsburg likes chances, but warns offense needs to deliver
All Da King's Men:
More On The Fort Hood Jihadist
Blog of Mass Destruction:
Simply Incapable of Telling The Truth
Akron Law Café:
Study says 2,200 uninsured veterans died in 2008 due to lack of health insurance.
See Jane Style:
Muffle Your Muffler
Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks
Let's Talk Real Estate:
Rumors: Akron Starbucks Closing
Ohio Travels with Betty:
Kimberly requests information on living in Columbus, Ohio.
Sound Check:
Aeromsith looking for new singer as Steven Tyler contemplates solo career
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
Video: 'Modern Warfare 2' hits the streets
Third largest decline in automaker's history blamed on sales, leases
By Greg Bensinger
and Jeff Green
Bloomberg News
Published on Saturday, Aug 02, 2008
General Motors Corp. reported Friday a quarterly loss of $15.5 billion, the third biggest in its 100-year history, because of plunging U.S. sales and the declining value of truck leases.
The deficit of $27.33 a share compares with a profit of $891 million, or $1.56, a year earlier. Excluding costs GM considers one-time, the per-share loss was four times bigger than analysts projected. Labor strikes contributed to a $9.9 billion drop in North American revenue, and sales worldwide tumbled 18 percent to $38.2 billion.
Chief Executive Officer Rick Wagoner has cut manufacturing costs by $9 billion and plans to boost liquidity by as much as $17 billion to remain solvent. The world's largest automaker has posted $69.8 billion in losses since 2004 and said Friday it must have $11 billion to $14 billion each month to pay its bills.
''They really need those external fundraising measures to get through to 2010,'' said Brian Johnson, a Chicago-based Lehman Brothers analyst. ''We cannot count on an economic rebound.''
GM has $21 billion in cash and marketable securities and another $5 billion from available bank loans. Its fourth consecutive quarterly loss comes as U.S. auto sales fall to 15-year lows.
''There is a tendency to throw up your hands and say this can't be fixed,'' said Wagoner, in his ninth year as CEO. ''We do have adequate liquidity through 2009 even with continuing difficult market conditions.''
General Motors Corp. reported Friday a quarterly loss of $15.5 billion, the third biggest in its 100-year history, because of plunging U.S. sales and the declining value of truck leases.
Get the full article here.
Comments
Click here to post your comments
