Another quarter, another revision for
The world's largest automaker said in a regulatory filing Tuesday that its third-quarter loss was $24 million less than previously reported because of additional loan sales by its financing arm.
Now, GM is reporting a loss of $91 million, or 16 cents a share, for the quarter. In late October, GM said in its preliminary earnings press release that it had a loss of $115 million, or 20 cents a share. In last year's third quarter, GM recorded a loss of $1.66 billion, or $2.94 a share.
This year, GM has revised its results for each of its quarters following their original releases, as well as its overall results for 2005.
The latest revision came from loan sales that had not been previously recorded by GMAC, the company's profitable finance division. Earlier this year, GM struck a deal to sell a 51% stake in GMAC to a group of private equity investors to boost its cash position. The unit has long offset losses from its struggling automotive operations in North America.
GM's revenue for the latest quarter totaled $48.89 billion, up from last year's $47.18 billion.
The improvement in its third-quarter performance
beat estimates on Wall Street after one-time charges, providing more evidence that the automaker is making progress on turning around its fortunes with restructuring efforts.
After a disastrous year in 2005, GM shares are leading gains in the
Dow Jones Industrial Average
this year, up about 84%, although the company has yet to show that it can resume growing its market share against foreign-based competitors such as
Toyota, which is poised to overtake GM as the world's largest automaker, on Tuesday reported that its third-quarter profit jumped 34% amid strong sales in North America and Europe.