A report this morning on Bloomberg stated that GM is cutting there 1Q report from breakeven to a lose of 1.50 a share. Hopefully there isn't a gap down before the bell.
From News Article:
GM said it now expects to report a loss of approximately $1.50 per fully diluted share in the first quarter of 2005, excluding special items, compared to a previous target of breakeven or better. For the calendar year, GM expects to report earnings of approximately $1.00 to $2.00 per share, excluding special items, compared to a previous target of $4.00 to $5.00 per share.
GM also expects negative operating cash flow in 2005 of approximately $2 billion, before the Fiat settlement and GM Europe restructuring, versus the previous target of positive $2 billion. This is primarily attributable to lower volumes and decreased net income at GM North America (GMNA). GM's 2005 corporate capital spending remains at approximately $8 billion, or $1 billion above 2004 levels.
Posted by Bob Frey on :