Shocker of the Day: GM Sees 2010 Profit
Tweet
Share
E-mail
Get Alerts MSFT Hot Sheet
Price: $390.34 -1.86%
Revenue Growth %: +14.7%
Financial Fact:
Cash dividends declared per common share: 0.39
Today's EPS Names:
HYFT, ESBS, PFBK, More
Revenue Growth %: +14.7%
Financial Fact:
Cash dividends declared per common share: 0.39
Today's EPS Names:
HYFT, ESBS, PFBK, More
Join SI Premium – FREE
The new chief financial officer for General Motors Co. Chris Liddell, said that there is a "reasonable chance" that the automaker will make a profit in 2010, which would be the first profitable year for the company in five years.
The news comes as all road signs point to an initial public offering for General Motors, which could come as soon as the second half of 2010, according to Liddell, who would not confirm a timetable for an IPO by the Detroit-based company at a roundtable media session on Wednesday.
Since its last annual profit in 2004, General Motors has seen $88 billion in losses through the first quarter of last year. In November of last year the company said that it lost $1.5 billion in the third quarter, while the fourth-quarter results are set to be released on March 31.
Liddell, who joined the company on January 1 after leaving Microsoft Corp. (NASDAQ: MSFT), has been working with CEO Ed Whitacre to return the once powerful American company to profit, and allow it to be free from government protection. Whitacre has stated that Liddell is a candidate for the CEO position in the future.
The U.S. government holds a 61 percent stake in General Motors, while the governments in Canada and Ontario also hold stakes in the company that has seen annual sales dwindle in the last several years.
General Motors shipped 2.07 million cars in 2009, which is well off the pace of 3.82 million units two years earlier.
The news comes as all road signs point to an initial public offering for General Motors, which could come as soon as the second half of 2010, according to Liddell, who would not confirm a timetable for an IPO by the Detroit-based company at a roundtable media session on Wednesday.
Since its last annual profit in 2004, General Motors has seen $88 billion in losses through the first quarter of last year. In November of last year the company said that it lost $1.5 billion in the third quarter, while the fourth-quarter results are set to be released on March 31.
Liddell, who joined the company on January 1 after leaving Microsoft Corp. (NASDAQ: MSFT), has been working with CEO Ed Whitacre to return the once powerful American company to profit, and allow it to be free from government protection. Whitacre has stated that Liddell is a candidate for the CEO position in the future.
The U.S. government holds a 61 percent stake in General Motors, while the governments in Canada and Ontario also hold stakes in the company that has seen annual sales dwindle in the last several years.
General Motors shipped 2.07 million cars in 2009, which is well off the pace of 3.82 million units two years earlier.
You May Also Be Interested In
- Bernstein SocGen on Microsoft (MSFT): 'Stagnation or breakout?'
- Nvidia Vera Rubin shown to provide 10x more throughput per megawatt than Blackwell
- Microsoft and Mistral expand AI partnership with multibillion-dollar deal
Create E-mail Alert Related Categories
Guidance, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
