GM delays earnings, expects 4Q profit

[Variance]

GM delays earnings, expects 4Q profit

General Motors Corp. will delay its fourth-quarter and 2006 earnings reports while the automaker restates earnings dating back to 2002, the company announced Thursday.

The world's largest automaker also said it expects to post "significant" improvements in net results from last year, including a profitable fourth quarter with record revenue.

GM, which has restated results in seven of its last eight quarters, said the changes are due primarily to tax accounting adjustments and "could be material."

GM's earnings announcement was originally scheduled for Tuesday; now the automaker plans to give an update the week of Feb. 5 and expects to file an annual report with the Securities and Exchange Commission by the March 1 due date.

The Detroit News

[ellives]

LaNeve is right about selling at higher prices. There's absolutely no sense giving cars away.