GM Posts $15.5 Billion 2nd-Quarter Loss
DETROIT — General Motors says losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan.
It’s the third-largest quarterly loss in company history.
The company says the loss includes $9.1 billion in one-time charges, including $3.3 billion for the buyouts of 19,000 U.S. hourly workers.
The second-quarter loss was $27.33 per share, compared with net profit of $891 million, or $1.56 per share for the same period a year ago. GM reported revenues of $38.2 billion, down $8.5 billion from a year ago.
The loss also includes $1.3 billion worth of write-offs because of a decline in value of GMAC Financial Services’ portfolio of trucks and sport utility vehicles. Those vehicles’ sales have plummeted due to high gas prices.