General Motors announced its financial results for the first quarter of 2009, which predominantly reflect the effects of continued global economic pressures and low auto industry volumes worldwide. Industry sales volume was down 21 per cent globally in the first quarter versus the year-ago period, leading to significantly reduced volume and revenue for GM.
GM posted a reported net loss of US$6.0 billion, including special items, or $9.78 per share in the first quarter of 2009. This compares with a reported net loss of US$3.3 billion, or $5.80 per share, in the year-ago quarter. Excluding special items, the company reported an adjusted net loss of US$5.9 billion, or $9.66 per share, in the first quarter of 2009 compared to an adjusted net loss of $381 million, or US$0.67 per share, in the first quarter of 2008.
“Our first quarter results underscore the importance of executing GM’s revised Viability Plan, which goes further and faster to lower our break-even point,” said Fritz Henderson, president and chief executive officer. “Our plan is designed to fix the fundamentals of our business by restructuring and deleveraging our balance sheet, enhancing our revenue capability and dramatically reducing costs. It’s focused on taking care of customers every single day, winning with four core brands, and investing in new products and technology, while at the same time accelerating actions to lower our cost structure to return GM to profitability quickly.”