DETROIT — General Motors Co. posted a $1.15 billion loss during the third quarter following its exit from bankruptcy and spelled out plans to begin repaying $6.7 billion in U.S. loans.
"We have significantly more work to do, but today’s results provide evidence of the solid foundation we’re building for the new GM," CEO Fritz Henderson said in a statement.
The "managerial net loss" was for the period of July 10, the day GM exited 39 days of court protection, through Sept. 30. For the full quarter a year earlier, GM had an operating loss of $4.2 billion and a net loss of $2.5 billion.
GM also said:
• Revenue for the entire three-month period rose to $28 billion, up $4.9 billion from the second quarter. GM attributed much of that increase to a global seasonally adjusted annual sales rate of 67.8 million units in the quarter, up from 62.7 million in the second quarter.
• GM expects to burn through additional cash in the fourth quarter. It will pay out $2.8 billion for Delphi’s bankruptcy settlement, $2 billion for "payment term adjustments," $2.5 billion for loan repayment to the U.S., Canadian and German governments and $1 billion in restructuring costs. It said it expected its cash levels to be "materially lower than third-quarter levels of $42.6 billion."
• The U.S. total-vehicle sales rate will be 10.7 million units in the last three months of this year. GM said demand averaged 11. 7 million units in the third quarter, buoyed by the government’s cash-for-clunkers program. Light-vehicle sales rates are typically 200,000 to 300,000 units less than total-vehicle rates.
• Fourth-quarter global demand will slip to a 65.4-million-unit rate.
• In 2010, global sales will total between 62 million and 65 million units. In the U.S., total-vehicle sales will hit 11 million to 12 million units.