GM expects to turn a profit for Q4 2006 and is again restating its earnings for 2002-2006. It seemed just only yesterday when every analyst and armchair CEO had dire of predictions for GM. CEO Rick Wagoner's head was called for and bankruptcy pools were going around the offices. Things picked up in 2006 with the introduction of the GMT900 SUVs and pickups, and it looks like the corner may about to be dramatically turned with new product like Malibu, Enclave, Astra and CTS on the way. The news of the General turning a quarterly profit isn't all that surprising, but what's crazy is the latest earnings restatement.
If it seems like it's been happening a lot, well, it's because it has. Seven out of the last eight quarters have been accompanied by earnings restatements, which casts doubt upon any of GM's earnings statements, good or bad. One day we may wake up and hear that 2005 really was just a bad dream for GM and that they actually turned a profit. We kid. GM's now looking to share earnings results the week of February 5th.
[Source: Detroit News]