• Jan 26th 2007 at 11:06AM
  • 13

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]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
      • 8 Years Ago
      Wanna bet that GM's profit comes on the back of the income derived NOT from the actual sale of vehicles and that North American operations still hemoraged huge amounts of money?? I don't know about you but I sure haven't seen many new Suburbans, Tahoes, Silverados and the like on the road...I think someones been inhaling too many fumes in the paint factory....
      • 8 Years Ago
      Man and if theyd bring over the holden caprice and statesman and add some buick velite front ends they would have buick up and running again.
      • 8 Years Ago
      GM is back and you know it,as proof their cars and trucks are more exciting than any other car company right now.
      • 8 Years Ago
      Part of the problem is that shareholders are so skittish. Any little glimmer of hope that GM can give them might just keep them from selling their shares. It's unfortunate that GM has to expend so much energy on stuff like this, but it's the way business goes these days.
      • 8 Years Ago
      "Wanna bet that GM's profit comes on the back of the income derived NOT from the actual sale of vehicles and that North American operations still hemoraged huge amounts of money??"

      Wanna bet that in the past GM lost a lot of its profit (or potential profit) from things other than car sales (like still paying healthcare for people who haven't worked for them in decades and pension and etc.)?

      Of course the import fanboys don't care about those extraneous things when those things bring the profits down, at that point they are considered inconsequential but when some extraneous things help bring profit we all see these things become so important.

      We really need a site that tells the real truth about automobiles... Oh yeah, we do, wait... no we don't.
      • 8 Years Ago
      The 900 Suv's Are selling well. In the month of December alone 4800+ sales over Dec 05.
      • 8 Years Ago
      I think GM has done a fare job putting out new product that is worth looking at. Even the interiors are better. I can see why they would start making profit. Ford on the other hand needs to do this a lot quicker than they are.

      • 8 Years Ago
      What are you talking about no new Suburbans, Tahoes, Silverados and the like on the road...
      Certainly not in Michigan the new GMT900 SUVs dominate this class.
      • 8 Years Ago
      So-- What's wrong with restating your earnings whenever there is a change necessary due to updated reports?
      • 8 Years Ago
      The 900's have been a big seller, several of my neighbors traded their old Tahoe's and really like their new SUV's. Mind you they do use more gas than a car but for a family of five that likes the road there is nothing comes close.

      GM management should be commended for their efforts in turning the corporation around, along with the workers. America's Auto Company is alive and well, I just hope Ford can get a grasp of their troubles and do the same. I for one would hate to see this country lose the biggest industrial job producers we have, without them this country will not be as strong in so many ways.

      Way to go GM, I'm pulling for you, and if you want to replace my old van, well I'd be pulling for that too.
      • 8 Years Ago
      In my area, the GMT900's are EVERYWHERE. Way to go GM! I'm so happy for the turnaround. I wish for Ford to do the same.
      • 8 Years Ago
      This is good news. I hope Ford can turn this corner soon too.
    • Load More Comments