GM Revises Third-Quarter Numbers

[Flybrian]

GM Revises Third-Quarter Numbers

Link to Article @ TheCarConnection.com

General Motors Corp. has revised its third-quarter earnings report, boosting its net income and reducing its loss by $24 million to $91 million or 16 cents per share.

Last month, the automaker reported it had lost $115 million in the third quarter but in a new filing with the U.S. Securities Exchange Commission, GM added new revenue from its finance arm, General Motors Acceptance Corp. The changes bolstered chairman and chief executive officer Richard Wagoner's argument that GM's recovery continues to pick up momentum. Last year, GM lost $1.664 billion, or $2.94 a share, during the third quarter.

GM is benefiting from significant cost reductions imposed a year ago and expects to reduce to reduce its structural costs by $9 billion this year, according to chief financial officer Fritz Henderson. -Joseph Szczesny

[ZL-1]

I wish this revision had come from auto operations.