General Motors Co. said Monday it lost $1.2 billion from the time it left bankruptcy protection [10 July 2009] through Sept. 30 [i.e. Q3], far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.... GM's global presence helped the company, particularly in China, where its sales of 478,000 in the third quarter increased 6 percent over the second quarter. GM earned $429 million before taxes and interest [EBIT? or EBITDA?] at its Asia Pacific unit, which includes China, and $245 million in Latin America. It had pretax losses of $651 million in North America and $437 million in Europe.... Its third-quarter revenue totaled $26.4 billion, an improvement over the first quarter when its revenue dropped almost 50 percent to $22.4 billion from a year earlier. Revenue was aided by sales boosts in July and August [Q3] from the U.S. government's Cash for Clunkers rebates.... GM entered bankruptcy protection with roughly $94.7 billion in debt. It emerged with $17 billion, including the $6.7 billion owed to the U.S. government. The government has given GM a total of $52 billion, including $45.3 billion in exchange for a 61 percent equity stake in the company.
GM's global presence helped the company, particularly in China, where its sales of 478,000 in the third quarter increased 6 percent over the second quarter. GM earned $429 million before taxes and interest [EBIT? or EBITDA?] at its Asia Pacific unit, which includes China, and $245 million in Latin America. It had pretax losses of $651 million in North America and $437 million in Europe....
Its third-quarter revenue totaled $26.4 billion, an improvement over the first quarter when its revenue dropped almost 50 percent to $22.4 billion from a year earlier. Revenue was aided by sales boosts in July and August [Q3] from the U.S. government's Cash for Clunkers rebates....
GM entered bankruptcy protection with roughly $94.7 billion in debt. It emerged with $17 billion, including the $6.7 billion owed to the U.S. government. The government has given GM a total of $52 billion, including $45.3 billion in exchange for a 61 percent equity stake in the company.
General Motors Co., signaling confidence in its recovery from bankruptcy, said it generated $3.3 billion in cash in the third quarter and plans to start repaying government [$6.7 billion contingency] loans early.... GM's 8.375 percent bonds maturing in 2033, which will convert into equity in the new company, jumped 2.63 cents to 20.3 cents on the dollar at 9:14 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. A closing price at that level would be the highest since January. Cash Drain Headwinds this quarter will include a cash drain as the loan repayments begin and from a U.S. auto market that will be 8.5 percent smaller than in the previous three months, GM said. The U.S. government is owed $6.7 billion and also owns a 61 percent stake in the biggest domestic automaker, which said it still expects an initial public offering in 2010's second half. Third-quarter revenue was $28 billion, including $26.4 billion for the post-bankruptcy period. [Old] GM reported unaudited data for July 1 through July 9 for General Motors Corp., and for [New GM] the period since July 10.
GM's 8.375 percent bonds maturing in 2033, which will convert into equity in the new company, jumped 2.63 cents to 20.3 cents on the dollar at 9:14 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. A closing price at that level would be the highest since January.
Cash Drain
Headwinds this quarter will include a cash drain as the loan repayments begin and from a U.S. auto market that will be 8.5 percent smaller than in the previous three months, GM said. The U.S. government is owed $6.7 billion and also owns a 61 percent stake in the biggest domestic automaker, which said it still expects an initial public offering in 2010's second half.
Third-quarter revenue was $28 billion, including $26.4 billion for the post-bankruptcy period. [Old] GM reported unaudited data for July 1 through July 9 for General Motors Corp., and for [New GM] the period since July 10.
