GM to announce 3rd-quarter earnings on Monday

AP News
Posted: Nov 11, 2009 5:30 PM

General Motors Co. said Tuesday that it will release its preliminary third-quarter earnings on Monday morning, the automaker's first earnings release since emerging from bankruptcy this summer.

The company is not expected to make a profit but has hinted that its results for the quarter will show a big improvement over the same period last year.

CEO Fritz Henderson and Chief Financial Officer Ray Young are expected to answer questions at a news conference about an hour after the numbers are released at 7 a.m.

GM last released a quarterly earnings statement in May, when it reported losing $6 billion in the first quarter of 2009. At the time, it was trying to stave off collapse and was staying afloat from infusions of government aid.

GM lost $2.5 billion in the third quarter of 2008 and a huge $30.9 billion for the entire year.

The company says the numbers it releases Monday cannot be compared with other quarters because they do not comply with U.S. accounting principles. The period also is not a full quarter as it covers only the period from its emergence from bankruptcy to Sept. 30.

The automaker exited bankruptcy as a new company on July 10. The U.S. government, which has sunk more than $50 billion in loans into GM, is now the company's majority owner.

As a private company, GM is not required to file financial updates, but company officials have said they plan to continue to make regular disclosures.