Business
1st Quarter Results
1st Quarter Results.
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[{"type":"text","content":"\n \n GM Reports First Quarter Financial Results\n\n First quarter reported net loss of $6.0 billion\n\n Results reflect continuation of global economic downturn and lower\nindustry-wide sales volume\n\n Losses partially offset by strong structural cost reduction due to\naggressive restructuring efforts\n\n First Quarter\n 2009 2008 O/(U) 2008\n\nRevenue (bils.): $22.4 $42.4 $(20.0)\nReported automotive EBIT (bils.): $(5.2) $0.5 $(5.7)\nAdjusted automotive EBIT (bils.): $(3.9) $0.8 $(4.7)\nReported net income (bils.): $(6.0) $(3.3) $(2.7)\nAdjusted net income (bils.): $(5.9) $(0.4) $(5.5)\nReported earnings per share (dollars): $(9.78) $(5.80) $(3.98)\nAdjusted operating cash flow (bils.): $(10.2) $(3.1) $(7.1)\n\n DETROIT, May 7 -- General Motors (NYSE: GM) today announced its financial\nresults for the first quarter of 2009, which predominantly reflect the\neffects of continued global economic pressures and low auto industry volumes\nworldwide. Industry sales volume was down 21 percent globally in the first\nquarter versus the year-ago period, leading to significantly reduced volume\nand revenue for GM.\n\n \"Our first quarter results underscore the importance of executing GM's\nrevised Viability Plan, which goes further and faster to lower our break-even\npoint,\" said Fritz Henderson, president and chief executive officer. \"Our\nPlan is designed to fix the fundamentals of our business by restructuring and\ndeleveraging our balance sheet, enhancing our revenue capability and\ndramatically reducing costs. It's focused on taking care of customers every\nsingle day, winning with four core brands, and investing in new products and\ntechnology, while at the same time accelerating actions to lower our cost\nstructure to return GM to profitability quickly.\"\n\n GM posted a reported net loss of $6.0 billion, including special items,\nor $9.78 per share in the first quarter of 2009. This compares with a\nreported net loss of $3.3 billion, or $5.80 per share, in the year-ago\nquarter. Excluding special items, the company reported an adjusted net loss\nof $5.9 billion, or $9.66 per share, in the first quarter of 2009 compared to\nan adjusted net loss of $381 million, or $0.67 per share, in the first\nquarter of 2008.\n\n The reported results for the first quarter of 2009 include special items\nand charges netting to a loss of $73 mill...