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Associated Press
General Motors Reports $1.1B 1Q Loss
04.19.2005, 08:23 AM

General Motors Corp., the world's largest automaker, said Tuesday it lost $1.1 billion in the first quarter, clobbered by rising health care costs, lukewarm response to some new models and special charges. Its U.S. car sales fell 4 percent.

The January-March result amounted to a loss of $1.95 per share, compared with earnings of $1.3 billion, or $2.25 a share, in the year-ago quarter, when the company benefited handsomely from its finance arm and improved business in Asia.

It was GM's steepest quarterly loss since the first quarter of 1992, when it reported a $21 billion loss primarily because of changes in accounting procedures for retiree health care costs.

GM said its revenue in the first quarter fell 4.3 percent to $45.8 billion from $47.8 billion a year ago.

Excluding special charges, GM said first-quarter earnings amounted to a loss of $839 million, or $1.48 a share, compared with net income of $1.2 billion, or $2.12 a share, in the first quarter of 2004.

The most-recent result was in line with Wall Street expectations for a loss of $1.49 per share, according to Thomson Financial.

GM warned investors in March its first-quarter earnings would be below previous estimates of break-even or better. It has said it expects income of $1 to $2 per share for the full year, down from a previous guidance of $4 to $5.

GM sales in the United States, its largest and most competitive market, sank 4 percent for the first three months of 2005 from a year ago. For the same period, its U.S. market share slipped to 25.6 percent from roughly 27 percent, according research firm to Autodata Corp.

It shares have plunged in recent weeks to levels not seen in a decade or more.

 
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