Chris 96 WS6
07-26-2006, 03:48 PM
OK, well maybe not all the way, but they did get a really good Q2 earnings report today and the stock is up again. $2.03 profit per share for Apr-Jun not including one-time charges due to the worker buyouts, etc.
Source: MSN Money (http://articles.moneycentral.msn.com/Investing/CNBC/Dispatch/060726markets.aspx): Boeing's loss offsets GM gain
GM surprises with higher operating profit
General Motors reported sharply higher second-quarter sales, crushing Wall Street's expectations.
GM reported operating earnings, excluding one-time charges, of $2.03 per share, nearly four times higher than the Reuters Estimates consensus of 51 cents per share. Overall revenues came in at $54.4 billion, with automotive revenues of $44.91 billion, according to Briefing.com. The Reuters Estimate consensus was for revenues of $42.38 billion.
The company benefited from strong sales of new sport utility vehicles, which sold at close to full sticker price, CNBC's Phil LeBeau reported. Latin American auto sales were also very strong.
Including charges related to buyouts of factory workers, the automaker actually lost $3.2 billion in the second quarter, or $5.62 per share.
GM also said it is raising its North American cost savings forecast to $9 billion from $8 billion this year. The strong sales give GM CEO Rick Wagoner some of the evidence he needs that the company's turnaround plan has some traction, LeBeau said.
Source: MSN Money (http://articles.moneycentral.msn.com/Investing/CNBC/Dispatch/060726markets.aspx): Boeing's loss offsets GM gain
GM surprises with higher operating profit
General Motors reported sharply higher second-quarter sales, crushing Wall Street's expectations.
GM reported operating earnings, excluding one-time charges, of $2.03 per share, nearly four times higher than the Reuters Estimates consensus of 51 cents per share. Overall revenues came in at $54.4 billion, with automotive revenues of $44.91 billion, according to Briefing.com. The Reuters Estimate consensus was for revenues of $42.38 billion.
The company benefited from strong sales of new sport utility vehicles, which sold at close to full sticker price, CNBC's Phil LeBeau reported. Latin American auto sales were also very strong.
Including charges related to buyouts of factory workers, the automaker actually lost $3.2 billion in the second quarter, or $5.62 per share.
GM also said it is raising its North American cost savings forecast to $9 billion from $8 billion this year. The strong sales give GM CEO Rick Wagoner some of the evidence he needs that the company's turnaround plan has some traction, LeBeau said.