GM Has Smaller Loss Than Estimated on Overseas Sales |
| Bloomberg - Apr 30, 2008 |
General Motors Corp., the world's largest automaker, reported a smaller first-quarter loss than analysts estimated as rising sales in Asia and Latin America tempered declines in the U.S.
GM gained 4.3 percent in New York trading after saying its loss excluding some costs was $350 million, or 62 cents a share. On that basis, the Detroit-based company was expected to lose $1.52 a share, the average estimate of 13 analysts surveyed by Bloomberg.
Rising revenue overseas helped Chief Executive Rick Wagoner blunt the impact of a mounting loss in North America, where GM was hurt by a supplier strike, a slowing U.S. economy and mortgage losses at the partly owned GMAC LLC finance unit.
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- Posted: 2008-04-30 08:37:04
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