General Motors (GM) Sees $600M Special Charge in Q2 on Venezuela Devaluation
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General Motors (NYSE: GM) is expecting to take a $600 million charge in Q2 as it moves to further devalue its Venezuela operations.
According to the Detroit News, the automaker discussed the special charge on a call with analysts and investors.
GM also took special charges in 2013 and 2014 to devalue its Venezuela operations.
During the call, GM VP and Chief Accounting Officer Tom Timko commented, We do not expect this decision to have an impact on our Venezuela or South American operating results, nor do we believe it will affect our 2015 free cash flows.
Shares of GM are down 0.3 percent.
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