GM posts 3.1B loss 2Q 2006

[MikeMike]

Reported net loss of $3.2 billion, or $5.62 per share
Adjusted net income of $1.2 billion, or $2.03 per share
Structural cost reduction target increased to $9 billion
Increased liquidity to $22.9 billion, supported by improved cash flow
Record revenue of $54.4 billion

Excluding the charges, GM reported a net income of $1.2 billion, or $2.03 per share, on record revenue of $54.4 billion. This reflects a $1.4 billion improvement from the year-ago adjusted loss of $231 million, or $0.41 per share, on revenue of $48.5 billion.

http://www.detnews.com/apps/pbcs.dll/article?AID=/20060726/UPDATE/607260427


not bad

 

[junkerman123]

worst part is, theyre losing market share like it's their job. Losing money isn't all that bad in the long term, you can restructure and eventually get back in the black, but once you lose market share you're gonna get owned.

 

[Ika]

kaboom, and the US automobile industry goes down the tubes.

 

[MikeMike]

Originally posted by: Aflac
kaboom, and the US automobile industry goes down the tubes.

:cough:
Last Trade: 31.83
Trade Time: 10:49AM ET
Change: 1.17 (3.82%)
:cough:

 

[optoman]

One of my coworker's sister use to work for GM. Got laid off a few months ago but since she was union she is still getting paid due to the union contracts. The catch is that for 5 days a week she goes to the union hall, sits in a room for 8 hours and just reads books, listens to her ipod, etc. WTF, these are the problems GM and other companies are running into.

 

[0roo0roo]

you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

 

[MikeMike]

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

there were about 10k ppl in that job bank iirc.

also, look at VW.

btw, no one here cares to read articles do they.

 

[Cattlegod]

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

german cars are some of the worst on the plant for quality, wtf are you smoking?

 

[TraumaRN]

Originally posted by: MIKEMIKE

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

there were about 10k ppl in that job bank iirc.

also, look at VW.

btw, no one here cares to read articles do they.

No but it's almost painful for me to read these days. I live just outside Detroit I work about 1.5 miles from GM World HQ at the Ren Cen in downtown Detroit, my father works for ford, my uncle for DCX and my best friends dad works for GM....they are all just praying to make it into retirement. All my dad wants is just 10 more months(to see that I make it through my last 2 semesters of college OK) and then he can take the buyout and start his own landscape/gardening business with the buyout money.

It's scary times if you live in SE Michigan jobwise

 

[MikeMike]

up

 

[Mr.IncrediblyBored]

Same situation as with Ford this past quarter. If you exclude the one-time charge, they actually earned money. That is a huge change from the billions in cash they were hemorrhaging last year and 2004.

This shows they can actually net some kind of profit from selling their vehicles. Pretty important considering this time last summer, they were selling their cars and trucks at a huge loss in their "Employee Discount" program.

 

[dullard]

Originally posted by: MIKEMIKE
btw, no one here cares to read articles do they.

Nope. You have to paste most/all of the text and bold the relevant parts for them to read.

This news overall is good for GM, the cost cutting is going better than planned, but they have so many other bigger problems still looming.

 

[Strk]

That's pretty nice. It will be nice to see them post a profit next quarter and not simply a technical profit

 

[Fritzo]

Woot! They're getting better!

 

[ROTC1983]

Originally posted by: Cattlegod

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

german cars are some of the worst on the plant for quality, wtf are you smoking?

I take it you haven't been to Europe or have driven a VW, Audi, or BMW yourself, but are going on about what some fanboys said...

 

[MikeMike]

Originally posted by: ROTC1983

Originally posted by: Cattlegod

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

german cars are some of the worst on the plant for quality, wtf are you smoking?

I take it you haven't been to Europe or have driven a VW, Audi, or BMW yourself, but are going on about what some fanboys said...

um, they are very refined, but they lack in reliablity.

 

[Pepsi90919]

Originally posted by: MIKEMIKE

Originally posted by: ROTC1983

Originally posted by: Cattlegod

Originally posted by: 0roo0roo
you can bet most arent as lucky as your sister. and the germans have powerful unions and dont build sh*t cars. you build sh*t cars you lose reputation along with money.

german cars are some of the worst on the plant for quality, wtf are you smoking?

I take it you haven't been to Europe or have driven a VW, Audi, or BMW yourself, but are going on about what some fanboys said...

um, they are very refined, but they lack in reliablity.

i don't even find VW refined.

 

[TrueBlueLS]

Originally posted by: optoman
One of my coworker's sister use to work for GM. Got laid off a few months ago but since she was union she is still getting paid due to the union contracts. The catch is that for 5 days a week she goes to the union hall, sits in a room for 8 hours and just reads books, listens to her ipod, etc. WTF, these are the problems GM and other companies are running into.

There was a thing called the rubber room. Stuff like that was used to get people to go crazy and quit their jobs.