GM posts huge loss as costs rise
Posted on: Monday, 17 October 2005, 07:52 CDT
DETROIT (Reuters) - General Motors Corp. on Monday posted a massive quarterly loss as high gasoline prices slammed sales of big sport utility vehicles and rising costs for everything from raw materials to health care eroded profits.
The world's largest automaker, lost more than $1.4 billion in the first half of the year amid deepening financial woes, posted a loss of $1.6 billion, or $2.89 a share, in the third quarter.
Excluding special items, GM's loss totaled $1.92 cents per share. On that basis, analysts' average forecast was a loss of 81 cents a share, according to Reuters Estimates.
The pressure is mounting on GM, with its main auto parts supplier in bankruptcy, its share price at multiyear lows, and once-robust sales of gas-guzzling SUVs stalled. GM stock is down about 30 percent so far this year, compared with a 2 percent drop in the S&P 500 index and a 4.6 percent decline in the blue-chip Dow Jones industrial average.
Source: REUTERS
Related Articles
- Amgen's First Quarter 2009 Adjusted Earnings Per Share Decreased 4 Percent to $1.08
- Amgen's Fourth Quarter 2008 Adjusted Earnings Per Share Increased 6 Percent to $1.06; Full Year 2008 Adjusted Earnings Per Share Increased 6 Percent to $4.55
- Caterpillar Profit Per Share 48 Percent Higher Than First Quarter 2005; Full-Year Profit Outlook Increased
- Intel to Provide Clues About Share Loss
- Continental Airlines Shares Up 3 Percent on Rise in Traffic, Revenue
- Intel Lowers Revenue Forecast on Share Loss
- LIN TV Shares Gain 3.5 Percent After Earnings Report
- Dayton, Ohio-Based Computer Equipment Firm's Shares Up 6 Percent
- HP Shares Rise 5.7 Percent on Profit Jump
- HP Shares Rise 4 Percent on Profit Jump
 |
 |
User Comments (0)
RSS Feeds