Nation's No. 1 automaker posts much stronger than expected earnings as revenue tops forecasts on improved North American sales.
October 25 2006: 8:27 AM EDT


NEW YORK (CNNMoney.com) -- General Motors posted third quarter operating profit that nearly doubled Wall Street's earnings expectations as its turnaround efforts continued to show results.

The nation's No. 1 automaker earned $529 million, or 93 cents a share excluding special items, compared with a loss of $1.1 billion, or $1.92 a share on that basis a year earlier.

Analysts surveyed by Briefing.com had forecast earnings of only 49 cents a share in the period.

Shares of GM (Charts), a Dow component, gained 1.4 percent in pre-market trading following the report, helping to to lift stock futures towards a higher open for U.S. markets.


http://money.cnn.com/2006/10/25/news/compa...

Does it occur to anyone else, that the only reason these copmpaines such as GM are recovering is at thet total expense of their work force? I find it disturbing and sad that the rich people running these businesses (also airline industry) can return to profitability after delcaring bankruptcy and voiding responsibilities to pesnions on folks that have often worked for these companies most of their lives. So some rich folks can ow gt richer, and the average worker is left either without a nest egg they had planned on, or looking for another job. Perhaps I'm wrong about my interpretation, and I'm happy to be corrected, but it just seems like a totally broken system to me. An individual or family can have a hell of a time declaring bankruptcy, yet corporations can do it like no tomorrow. How much more do we have to favor the rich over the regular Joe? Good for GM, but what about the thousands of people they've f*cked?

Cranky Olafr