Breaking! GM Makes Wall Street Its Bitch: Announces 2nd Quarter Earnings -- $3.2 Billion Net Loss, $1.2 Billion Adjusted Net Income, Record Revenues

Mmm, we love the smell of fresh earnings in the morning. And when those earnings are GM, it smells like...one-time red ink. Lots and lots of one-time red ink. But also some adjusted black ink. Let's parse the numbers.

The General reported a net loss of $3.2 billion, or $5.62 per share, for the second quarter of 2006 compared with the loss of $987 million, or $1.75 per share, last year at the same time. But that net loss includes the huge $4.3 billion, or $7.66 per share, in special items reflecting charges like the buyouts of 34,400 early employee retirements (that's a whopping $3.7 billion of that $4.3 billion number) and some other unrelated crap like selling GMAC and some "restructuring charges."


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SteveL - 7/28/2006 12:59:38 PM

+1 Boost

GM IS AWSOME! They will just keep getting better.