General Motors Corporation, the leading US car maker, today reported a preliminary first-quarter loss of $3.3 billion, citing weakness in the domestic car industry and special charges.
GM reported a net loss of $3.3 billion, or $5.74 a share in the January-March period, compared with a net loss from continuing operations of $42m, or seven cents per diluted share, the same time last year.
But excluding exceptional items, the company posted a loss of 62 cents per share, far better than market expectations of $1.54.
Adjusted automotive earnings before taxes were $392m, up $161m despite the significant impact of a strike at supplier American Axle and the 'weak US auto industry,' GM said in a statement.
Those positive results were driven by strong combined earnings before taxes of $1 billion in Latin America, Africa and Middle East, Asia Pacific and GM Europe, which more than offset a loss in North America, it said.
'We continue to leverage our global product portfolio to take advantage of tremendous growth in key emerging markets, while at the same time taking the appropriate actions to deal with the challenging economic conditions in the US,' said GM chairman and CEO Rick Wagoner.
The group posted a 2007 full-year net loss of nearly $39 billion.
