[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

America Erupts… ICE Raids Takeover The Streets

AC/DC- Riff Raff + Go Down [VH1 Uncut, July 5, 1996]

Why is Peter Schiff calling Bitcoin a ‘giant cult’ and how does this impact market sentiment?

Esso Your Butt Buddy Horseshit jacks off to that shit

"The Addled Activist Mind"

"Don’t Stop with Harvard"

"Does the Biden Cover-Up Have Two Layers?"

"Pete Rose, 'Shoeless' Joe Reinstated by MLB, Eligible for HOF"

"'Major Breakthrough': Here Are the Details on the China Trade Deal"

Freepers Still Love war

Parody ... Jump / Trump --- van Halen jump

"The Democrat Meltdown Continues"

"Yes, We Need Deportations Without Due Process"

"Trump's Tariff Play Smart, Strategic, Working"

"Leftists Make Desperate Attempt to Discredit Photo of Abrego Garcia's MS-13 Tattoos. Here Are Receipts"

"Trump Administration Freezes $2 Billion After Harvard Refuses to Meet Demands"on After Harvard Refuses to Meet Demands

"Doctors Committing Insurance Fraud to Conceal Trans Procedures, Texas Children’s Whistleblower Testifies"

"Left Using '8647' Symbol for Violence Against Trump, Musk"

KawasakiÂ’s new rideable robohorse is straight out of a sci-fi novel

"Trade should work for America, not rule it"

"The Stakes Couldn’t Be Higher in Wisconsin’s Supreme Court Race – What’s at Risk for the GOP"

"How Trump caught big-government fans in their own trap"

‘Are You Prepared for Violence?’

Greek Orthodox Archbishop gives President Trump a Cross, tells him "Make America Invincible"

"Trump signs executive order eliminating the Department of Education!!!"

"If AOC Is the Democratic Future, the Party Is Even Worse Off Than We Think"

"Ending EPA Overreach"

Closest Look Ever at How Pyramids Were Built

Moment the SpaceX crew Meets Stranded ISS Crew

The Exodus Pharaoh EXPLAINED!

Did the Israelites Really Cross the Red Sea? Stunning Evidence of the Location of Red Sea Crossing!

Are we experiencing a Triumph of Orthodoxy?

Judge Napolitano with Konstantin Malofeev (Moscow, Russia)

"Trump Administration Cancels Most USAID Programs, Folds Others into State Department"

Introducing Manus: The General AI Agent

"Chinese Spies in Our Military? Straight to Jail"

Any suggestion that the USA and NATO are "Helping" or have ever helped Ukraine needs to be shot down instantly

"Real problem with the Palestinians: Nobody wants them"

ACDC & The Rolling Stones - Rock Me Baby

Magnus Carlsen gives a London System lesson!

"The Democrats Are Suffering Through a Drought of Generational Talent"

7 Tactics Of The Enemy To Weaken Your Faith

Strange And Biblical Events Are Happening

Every year ... BusiesT casino gambling day -- in Las Vegas

Trump’s DOGE Plan Is Legally Untouchable—Elon Musk Holds the Scalpel

Palestinians: What do you think of the Trump plan for Gaza?

What Happens Inside Gaza’s Secret Tunnels? | Unpacked

Hamas Torture Bodycam Footage: "These Monsters Filmed it All" | IDF Warfighter Doron Keidar, Ep. 225

EXPOSED: The Dark Truth About the Hostages in Gaza

New Task Force Ready To Expose Dark Secrets


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: GM's Liddell Says Company May Be Profitable in '10 After Five-Year Drought
Source: Bloomberg
URL Source: http://www.bloomberg.com/apps/news? ... 0601087&sid=axkdTNP0JLxA&pos=6
Published: Mar 17, 2010
Author: By Katie Merx
Post Date: 2010-03-17 12:26:32 by Brian S
Keywords: None
Views: 347
Comments: 13

March 17 (Bloomberg) -- General Motors Co. Chief Financial Officer Chris Liddell said the biggest U.S. automaker may be profitable in 2010, ending five years of annual losses.

The company needs to be profitable to undertake an initial public offering, which is still possible in the second half, said Liddell. A stock offering requires health in the company’s auto sales and in the financial market, Liddell said, adding that he’s “encouraged” about the IPO path.

“There is a high sense of urgency and accountability at a high level,” Liddell said at a media roundtable at GM’s headquarters in Detroit.

An IPO will pay back the U.S. government after a $50 billion bailout of the company left taxpayers with a 61 percent equity stake. The automaker plans to repay about $5.7 billion in remaining debt by June as it relies on sales of Chevrolet, Buick GMC and Cadillac brands.

The company last posted an annual profit in 2004, ringing up $88 billion in losses from 2005 through last year’s first quarter. On Nov. 16, GM said its third-quarter loss after leaving bankruptcy protection on July 10 was $1.15 billion. Fourth-quarter 2009 results are due by March 31.

Liddell said the company is making money in China and Brazil and benefiting from an improving economy and auto sales in the U.S. The company is still struggling in Europe, he said.

“We have a reasonable chance of being profitable this year,” Liddell said. He also said “I’m encouraged by the path” toward an IPO.

Return to Profit

GM’s U.S. vehicle sales have risen 13 percent so far this year, led by its volume brand, Chevrolet, with a 35 percent climb, and Buick, up 46 percent, according to industry researcher Autodata Corp. of Woodcliff Lake, New Jersey. GMC deliveries gained 20 percent, while Cadillac’s are up 14 percent. The Saab brand was sold to Spyker Cars NV, while Pontiac, Saturn and Hummer are being wound down.

“They have cleansed the operations of a lot of things,” said Van Conway, partner in the automotive restructuring firm of Conway MacKenzie in Birmingham, Michigan. “Liddell would be ill-advised to predict profits unless he was 90 percent sure.”

Chairman and Chief Executive Officer Ed Whitacre said on Jan. 6 that he sought a return to profit in 2010 for GM. Whitacre, 68, also said at the time that Liddell could be a candidate to become CEO.

Liddell, 51, took his post at GM on Jan. 1, after leaving Microsoft Corp. in November. He succeeded Ray Young, who became GM’s vice president of international operations on Feb. 1.

Liddell, who is also a vice chairman, is helping Whitacre bolster a financial operation faulted by the Treasury’s auto task force. Liddell today said the company’s fresh-start accounting process is “going very well.”

Finance Criticism

Steven Rattner, who led the auto task force that reorganized GM in a 40-day bankruptcy from June 1 to July 10, said in an article on Fortune magazine’s Web site that GM had perhaps the “weakest finance operation any of us had ever seen in a major company.” Rattner left the task force July 13.

The automaker said in February it has slashed $10.7 billion from annual costs, freeing up money for marketing and vehicle upgrades. The expense cuts include reduced interest payments from the elimination of debt, the offloading of union retiree bills and $6.7 billion from steps such as chopping jobs, getting rid of plants and dropping half of GM’s U.S. brands, according to company documents and Randy Arickx, a spokesman.

GM’s largest shareholder is the U.S. government, with 61 percent. The other stakes are held by a United Auto Workers health-care retiree trust; the governments of Canada and Ontario; and the remnants of GM’s bankrupt predecessor, now known as Motors Liquidation Co.

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

#1. To: Brian S (#0)

Wanna bet? They can't overcome the pension plans.

my anti groupie can't get through life without me.

Badeye  posted on  2010-03-17   16:26:12 ET  Reply   Trace   Private Reply  


#2. To: Badeye (#1)

They can't overcome the pension plans.

In spite of the venomous UAW, Ford seems to be doing well....go figure......

Death to everybody who does not get outta my way.

e_type_jag  posted on  2010-03-18   1:18:55 ET  Reply   Trace   Private Reply  


#3. To: Brian S (#0)

Government Motors Chief Financial Czar Comrade Chris Liddell said the biggest U.S. automaker may be profitable in 2010

"Profit" is what Comrade Liddell calls it? Parasites! Welfare moochers consider their monthly checks and food stamps "profit" too.

Happy Quanzaa  posted on  2010-03-18   5:09:40 ET  Reply   Trace   Private Reply  


#4. To: Nelson Boofer Hunt (#1)

They can't overcome the pension plans.

They were underfunded by $20bln on the date of bankruptcy. Given their past market cap and future possible market cap it isn't an issue. An if it is, there is the PBGC.

/dumbfuck

Day 25 of Packrat refusing to register here. Day 23 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...

war  posted on  2010-03-18   8:22:46 ET  Reply   Trace   Private Reply  


#5. To: e_type_jag (#2)

Ford did a better job negotiating the master agreement.

my anti groupie can't get through life without me.

Badeye  posted on  2010-03-18   9:23:18 ET  Reply   Trace   Private Reply  


#6. To: Happy Quanzaa (#3)

Good analogy.

my anti groupie can't get through life without me.

Badeye  posted on  2010-03-18   9:23:41 ET  Reply   Trace   Private Reply  


#7. To: Nelsopn Boofer Hunt, dick_type_jag (#5) (Edited)

Ford did a better job negotiating the master agreement.

Everyone in the pool? Good...time to throw in the toaster...

Ford has the same under-funded pension issues that GM has.

Google is your friend.

Have a good day.

[snicker]

Day 25 of Packrat refusing to register here. Day 23 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...

war  posted on  2010-03-18   9:32:07 ET  Reply   Trace   Private Reply  


#8. To: war (#7)

Ford has the same under-funded pension issues that GM has.

You honestly think bleating this crap out your drooling maw carries any weight with anyone past a room temp IQ, you neanderthal metro-male CUNT?

Ford doesn't have the same anything. Otherwise they'd be Government Motors II.

Just shut the hell up ya fuckin poor bagdhad bob wannabe.....you can't even mimic a broken clock and be right even 2 times a day......sheesh........

Death to everybody who does not get outta my way.

e_type_jag  posted on  2010-03-19   0:08:06 ET  Reply   Trace   Private Reply  


#9. To: small_type_dick (#8) (Edited)

Ford doesn't have the same anything.

They are in the same position when it comes to underfunded pension liabilities and I challenge your status here as an active poster to prove me wrong. IN other words, prove me wrong or leave.

My money says that you're not man enough to either do it or admit that you're wrong.

Day 26 of Packrat refusing to register here. Day 24 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...

war  posted on  2010-03-19   8:21:59 ET  Reply   Trace   Private Reply  


#10. To: e_type_jag (#8) (Edited)

.....you can't even mimic a broken clock and be right even 2 times a day......sheesh........

Geezus fuck...you do know that your computer has a "Backspace" key that can wipe all evidence of you being witless away?

Day 26 of Packrat refusing to register here. Day 24 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...

war  posted on  2010-03-19   8:23:15 ET  Reply   Trace   Private Reply  


#11. To: war (#9)

and I challenge your status here as an active poster

I just don't think that's going to be happening today ..... dickhead.

Death to everybody who does not get outta my way.

e_type_jag  posted on  2010-03-19   22:07:26 ET  Reply   Trace   Private Reply  


#12. To: war (#10)

computer has a "Backspace" key that can wipe all evidence of you being witless away?

Ummmm...this must be your attempt at wittiness.

Death to everybody who does not get outta my way.

e_type_jag  posted on  2010-03-19   22:09:01 ET  Reply   Trace   Private Reply  


#13. To: small_type_dick (#12)

Nope. That's me being magnanimous...

Day 27 of Packrat refusing to register here. Day 25 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...

war  posted on  2010-03-20   7:59:48 ET  Reply   Trace   Private Reply  


TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com