General Motors CEO Ed Whitacre said that the Detroit automaker expects to report “solid” operating results for the first quarter, which will show the company’s progress towards its goal of returning to profitability by the end of 2010. That goal of “profitability” will end a horrible 5-year streak of losses and mark a turnaround for the General, which came out of a U.S. government financed bankruptcy in July.
“In January, I said we could earn a profit in 2010, if everything falls into place,” Whitacre said in a memo to employees, which was obtained by Reuters. “Our first quarter financial results will show us an important milestone, and I’m pleased to say that I anticipate solid operating results when we report our first quarter financials in May.”
GM will report its first-quarter results in mid-May.
Whitacre, who replaced Fritz Henderson as CEO in December, plans to launch an IPO that would allow the Obama administration to reduce its majority stake in the automaker.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)