Milwaukee Member Username: Milwaukee
Post Number: 997 Registered: 08-2006
| Posted on Wednesday, March 14, 2007 - 10:35 am: | |
http://www.freep.com/apps/pbcs .dll/article?AID=/20070314/BUS INESS01/70314010 950 million dollar profit. Hopefully, this is just the beginning of the turn around. |
Bobj Member Username: Bobj
Post Number: 1783 Registered: 11-2003
| Posted on Wednesday, March 14, 2007 - 11:14 am: | |
Nice start, hope it continues |
Thejesus Member Username: Thejesus
Post Number: 733 Registered: 06-2006
| Posted on Wednesday, March 14, 2007 - 11:23 am: | |
good stuff...good to see our #1 company is still capable of generating a billion-dollar profit in a period of 3 months... Might Rick Wagoner become the new Lee Iacocca? |
Dnvn522 Member Username: Dnvn522
Post Number: 201 Registered: 11-2004
| Posted on Wednesday, March 14, 2007 - 11:26 am: | |
quote:The company reported record annual revenue of $207 billion Wow. I wonder how much of this is related to the sale of GMAC? |
_sj_ Member Username: _sj_
Post Number: 1754 Registered: 12-2003
| Posted on Wednesday, March 14, 2007 - 11:26 am: | |
Sold less vehicles and still turned a profit for the quarter EDIT: Meant to say less revenue and still turned a profit. (Message edited by _sj_ on March 14, 2007) |
Sharmaal Member Username: Sharmaal
Post Number: 1021 Registered: 09-2004
| Posted on Wednesday, March 14, 2007 - 11:27 am: | |
Uh...alot of that is a one time gain from the sale of GMAC. Very good progress nonetheless, but not as amazing as it sounds. $180 million is the amount excluding GMAC. |
Lilpup Member Username: Lilpup
Post Number: 1849 Registered: 06-2004
| Posted on Wednesday, March 14, 2007 - 11:27 am: | |
It's good buzz overall (downer - still losing in North America) |
Jt1 Member Username: Jt1
Post Number: 8525 Registered: 10-2003
| Posted on Wednesday, March 14, 2007 - 11:27 am: | |
Still a lot of structural costs to deal with. The problem of the timing with this is now the UAW will be even less cooperative with their negotiations this year. For the long term health of the company I think it would have been better to have a bad 4Q06 and 1Q07. The UAW will be too shortsighted to see that there are still many real issues that GM faces and demnad everything now that they appear to be the strongest of the Big 3. The UAW will certainly hurt the structural cost reductions that GM has been working on for years by demanding more than what is reasonable. I give Wagoneer and his leadership team credit for making great strides in cost and vehicle design over the past few years. |
Thejesus Member Username: Thejesus
Post Number: 734 Registered: 06-2006
| Posted on Wednesday, March 14, 2007 - 11:28 am: | |
Looks like there's still a lot of pessimism out there... http://info.detnews.com/autost alk/lettersindex.cfm?topic=GM_ turnaround&forum=autostalk I know the article said the company would have negative cash flow for 2007, but at this point, a turning a profit in Q4 of last year is about the best news there could be |
Jt1 Member Username: Jt1
Post Number: 8526 Registered: 10-2003
| Posted on Wednesday, March 14, 2007 - 11:30 am: | |
I don't have a lot of faith in the opinions of the people on the Freep/News boards. Those have got to be the most negative people around. |
Livernoisyard Member Username: Livernoisyard
Post Number: 2766 Registered: 10-2004
| Posted on Wednesday, March 14, 2007 - 11:31 am: | |
A Forbes report today centered on still another UAW organizing effort targeted at the foreign companies. |
_sj_ Member Username: _sj_
Post Number: 1756 Registered: 12-2003
| Posted on Wednesday, March 14, 2007 - 11:37 am: | |
quote:Uh...alot of that is a one time gain from the sale of GMAC. Yes, but they did it with less revenue, which is what I meant to say the first time. |
Dabirch Member Username: Dabirch
Post Number: 2135 Registered: 06-2004
| Posted on Wednesday, March 14, 2007 - 11:41 am: | |
quote:Those have got to be the most negative people around. I guess you haven't been over to "that other" site lately...and you are missed. |
Milwaukee Member Username: Milwaukee
Post Number: 998 Registered: 08-2006
| Posted on Wednesday, March 14, 2007 - 12:48 pm: | |
I'm glad to hear this news. I really want GM to turn things around and quickly. Just imagine what Detroit would be like if Ford and GM were both profitable. I can't help but things would be going much better for the city and the state. |
Lilpup Member Username: Lilpup
Post Number: 1850 Registered: 06-2004
| Posted on Wednesday, March 14, 2007 - 1:05 pm: | |
not until North American sales pick up so that North American employment can, too |
Dnvn522 Member Username: Dnvn522
Post Number: 202 Registered: 11-2004
| Posted on Wednesday, March 14, 2007 - 3:18 pm: | |
General Motors Considering Investment At Saginaw Plant http://www.wnem.com/Global/sto ry.asp?S=6222071 "If General Motors goes through with the venture, the company will invest roughly 225 million dollars into the Orion Township assembly plant and the metal casting facility in Saginaw." |
Rhymeswithrawk Member Username: Rhymeswithrawk
Post Number: 399 Registered: 11-2005
| Posted on Wednesday, March 14, 2007 - 3:21 pm: | |
"Good news at GM" Somebody pinch me. Haven't seen those two words coupled with the name GM in quite some time. |
Livernoisyard Member Username: Livernoisyard
Post Number: 2781 Registered: 10-2004
| Posted on Wednesday, March 14, 2007 - 7:29 pm: | |
Tom Walsh of the Free Press was interviewed on WJR this evening about GM, and he only had "guarded optimism" over GM's prospects. He said that GM still has and will have a negative cash flow problem, and GM cannot continue doing that and survive. He further stated that GM must continue squeezing the UAW and its suppliers for the foreseeable future and that its drop in market share has to stabilize. (Message edited by LivernoisYard on March 14, 2007) |
Perfectgentleman Member Username: Perfectgentleman
Post Number: 255 Registered: 03-2006
| Posted on Wednesday, March 14, 2007 - 7:34 pm: | |
I welcome this news but GM's earnings reports have been notoriously inaccurate for several years. They announce results and several months later they restate the earnings for that period, sometimes with bigger losses or less profits. |
Milwaukee Member Username: Milwaukee
Post Number: 1002 Registered: 08-2006
| Posted on Wednesday, March 14, 2007 - 7:39 pm: | |
I heard the same thing on NPR tonight. I do hope things are actually going better for GM. I would be disappointed if it turns out they had the numbers wrong. I've got my fingers crossed. |
Livernoisyard Member Username: Livernoisyard
Post Number: 2782 Registered: 10-2004
| Posted on Wednesday, March 14, 2007 - 7:42 pm: | |
GM might also be adversely affected with some of its bad mortgages through its 49% of GMAC, and possibly its sale proceeds from selling 51% of GMAC may have to be reduced as a result of mortgage losses. If so, perhaps all of the positive net earnings from the past quarter may vanish after readjustment. As Gilda Radner would say, "There's always somethin'." |
Detroitplanner Member Username: Detroitplanner
Post Number: 1079 Registered: 04-2006
| Posted on Wednesday, March 14, 2007 - 8:37 pm: | |
No kiddin LY, I never thought that being forced to sell off more of GMAC would have been a good thing a year ago, but these days it may have been a blessing. I could have been a lot worse for them if they were still whole owners of the finance company. A year ago I thought they were shooting themselves in the foot by getting rid of it, but like you and Gilda said, "Its always something" Defintiely a double-edged sword. |
Sknutson Member Username: Sknutson
Post Number: 825 Registered: 03-2004
| Posted on Friday, March 16, 2007 - 1:54 pm: | |
Now if they would only build the Chevy Volt, I might by a GM. |
Scottr Member Username: Scottr
Post Number: 411 Registered: 07-2006
| Posted on Friday, March 16, 2007 - 2:09 pm: | |
Although I already buy GM (with half my family employed by GM, i have little choice), I agree, Sknutson, and I believe many others feel the same about the Volt. I hope they've put as much resources as possible into that project to get it out as soon as possible - Lutz said at Geneva they want it on sale by 2010. I'm sure the final product won't look like the concept (unfortunately), but even the idea itself is fantastic and could seriously change a lot opinions of the company. Hopefully it performs as well in real life as in theory and they don't do something stupid like a cheap plastic interior. |
Scottr Member Username: Scottr
Post Number: 412 Registered: 07-2006
| Posted on Friday, March 16, 2007 - 2:22 pm: | |
LY - you are right, actually I read somewhere that they took a something like a 284 million loss last quarter because of the subprime mortgages. it's also why they have to put $1 billion into GMAC this quarter, because it lost value because of those mortgages, and part of the deal was that it had to be worth a certain amount when the deal closed. Other than that, it appears they may have gotten out at the right time. PG - that's been common among large companies, not just GM, because of accounting changes since Enron. It is hardly a GM-specific problem, although admittedly they seem to have been more prone to errors, but i would expect such from any company of their size. |