- GM reported adjusted net income of $529 million for Q3 2006, an improvement of $1.643 billion from Q3 2005. This was driven by strong performance in GMNA and improvements in GME and GMLAAM.
- In North America, cost reductions led to an adjusted net income improvement of over $1.3 billion versus Q3 2005. Launch vehicles delivered favorable contribution margins despite rising material costs.
- Europe reported an adjusted net income improvement of $105 million versus Q3 2005 due to ongoing restructuring benefits, while Latin America, Africa & Middle East saw a $153 million improvement due to volume growth and mix improvements.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
This document provides a summary of DPL Inc.'s financial results for the first quarter of 2009. It discusses earnings per share, operational highlights, regulatory updates, and liquidity. Key points include diluted EPS of $0.61 or $0.54 adjusted for deferred RTO costs, lower wholesale revenue and industrial sales, a planned Zimmer outage, gains from coal sales, hedged coal costs, and total 2009-2011 capital expenditures estimated at $475 million. Guidance for 2009 EPS of $2.00-$2.30 was also reaffirmed.
- GM reported preliminary first quarter 2007 results with GAAP EPS of $0.11 and adjusted EPS of $0.17.
- Adjusted total automotive results improved $0.3 billion versus Q1 2006 driven by improved results at GMNA, GMLAAM, and GMAP.
- GMAC reported a net loss of $115 million compared to net income of $495 million in Q1 2006 due to continued weakness in its mortgage business.
The document provides preliminary results for GM's second quarter of 2008. It reported an adjusted net loss of $6.3 billion compared to net income of $1.3 billion in the second quarter of 2007. Several one-time charges were taken that negatively impacted results, including $3.3 billion for a special attrition program in the US. Weak industry conditions in North America significantly reduced GM's revenue and market share for the quarter. Actions were announced to improve GM's liquidity by $15 billion through 2009 to address the challenging operating environment.
Lennox International reported financial results for the first quarter of 2009, with revenue down 23% from the prior year quarter to $585 million due to weak global market conditions. The company reported an adjusted loss per share from continuing operations of $0.23 and a GAAP loss per share of $0.33. In response to weaker market conditions, Lennox lowered its full-year 2009 revenue and earnings guidance and announced additional cost reduction measures of $55 million in SG&A expenses and a 12% reduction in salaried headcount.
- El Paso Corporation reported financial results for the third quarter of 2006 with EBIT of $359 million compared to a loss of $92 million in the third quarter of 2005.
- The Pipelines segment continued its strong performance with EBIT up 12% from the third quarter of 2005, driven by increased throughput. Exploration and Production also had a solid quarter with production volumes up.
- Significant progress was made on legacy issues, including exiting the domestic power business and downsizing the gas trading book. Debt was also reduced by $3.1 billion through the end of the third quarter.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
3
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
This document provides a summary of DPL Inc.'s financial results for the first quarter of 2009. It discusses earnings per share, operational highlights, regulatory updates, and liquidity. Key points include diluted EPS of $0.61 or $0.54 adjusted for deferred RTO costs, lower wholesale revenue and industrial sales, a planned Zimmer outage, gains from coal sales, hedged coal costs, and total 2009-2011 capital expenditures estimated at $475 million. Guidance for 2009 EPS of $2.00-$2.30 was also reaffirmed.
- GM reported preliminary first quarter 2007 results with GAAP EPS of $0.11 and adjusted EPS of $0.17.
- Adjusted total automotive results improved $0.3 billion versus Q1 2006 driven by improved results at GMNA, GMLAAM, and GMAP.
- GMAC reported a net loss of $115 million compared to net income of $495 million in Q1 2006 due to continued weakness in its mortgage business.
The document provides preliminary results for GM's second quarter of 2008. It reported an adjusted net loss of $6.3 billion compared to net income of $1.3 billion in the second quarter of 2007. Several one-time charges were taken that negatively impacted results, including $3.3 billion for a special attrition program in the US. Weak industry conditions in North America significantly reduced GM's revenue and market share for the quarter. Actions were announced to improve GM's liquidity by $15 billion through 2009 to address the challenging operating environment.
Lennox International reported financial results for the first quarter of 2009, with revenue down 23% from the prior year quarter to $585 million due to weak global market conditions. The company reported an adjusted loss per share from continuing operations of $0.23 and a GAAP loss per share of $0.33. In response to weaker market conditions, Lennox lowered its full-year 2009 revenue and earnings guidance and announced additional cost reduction measures of $55 million in SG&A expenses and a 12% reduction in salaried headcount.
- El Paso Corporation reported financial results for the third quarter of 2006 with EBIT of $359 million compared to a loss of $92 million in the third quarter of 2005.
- The Pipelines segment continued its strong performance with EBIT up 12% from the third quarter of 2005, driven by increased throughput. Exploration and Production also had a solid quarter with production volumes up.
- Significant progress was made on legacy issues, including exiting the domestic power business and downsizing the gas trading book. Debt was also reduced by $3.1 billion through the end of the third quarter.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
3
Duke Energy Corporation provided reconciliations of non-GAAP financial measures (ongoing earnings) to the most directly comparable GAAP measures (reported earnings) for the second quarter and first half of 2006 and 2007. Special items were excluded from ongoing earnings and included in total adjustments to reconcile to reported earnings. Management believes special items will not recur regularly.
EnCana generated $1.9 billion in first quarter cash flow, down 18% from the previous year. First quarter natural gas and oil production increased 3% to 4.7 billion cubic feet equivalent per day. EnCana remains focused on high return projects and aligning investments with low commodity prices through a modest $1.5 billion capital program. Operating and administrative costs decreased 31% to $1.06 per thousand cubic feet of gas equivalent due to a weaker Canadian dollar and lower fuel and incentive costs.
Celanese held a conference call to discuss its fourth quarter 2005 earnings. Key highlights included strong underlying business results driven by higher pricing and demand. The company also provided an outlook for 2006, forecasting adjusted EPS between $2.50-$2.90. Significant contributions continue to come from equity and cost investments, which paid $154 million in dividends for full-year 2005, up from $77 million in 2004. Capitalization was also discussed, with net debt of $3.047 billion as of December 31, 2005.
coca cola Reconciliation of Non-GAAP Financial Measuresfinance9
The document provides reconciliations of non-GAAP financial measures to GAAP measures for the Coca-Cola Company for years 1998-2003. It explains that management believes certain non-GAAP measures can provide a more meaningful reflection of underlying business trends by excluding items that impact comparability. The reconciliations adjust operating income and diluted EPS for currency impacts, impairments, accounting changes, and restructuring charges to show "ongoing" or "adjusted" results.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Second Quarter Reconciliation of Non-GAAP Financial Measures & Earnings Outlookfinance4
Anthem, Inc. held an earnings call on July 31, 2003 to discuss financial results for the second quarter of 2003. They provided reconciliations between GAAP and non-GAAP measures such as adjusted net income. For the full year 2003, they projected adjusted net income per share of $5.10 to $5.15. Additional projections included operating revenue approaching $16.5 billion, membership growth of 7-8%, and operating cash flow of at least $1 billion. They also provided earnings outlooks by operating segment.
- GM reported a GAAP net loss of $3.3 billion for the first quarter of 2008. Adjusted net loss was $350 million, excluding special items.
- Revenue was about flat at $42.1 billion as growth in international regions offset declines in North America. Adjusted automotive earnings before tax were $392 million.
- A strike at American Axle impacted production by about 100,000 units and reduced earnings before tax by approximately $800 million for the quarter.
- While markets outside North America grew, results in GMNA declined due to lower industry volume, mix shifts away from trucks, and higher material costs partially offset by cost reductions.
- Ameriprise Financial reported net income of $171 million for Q4 2006, up 54% from Q4 2005. Adjusted earnings excluding one-time costs were $251 million, up 30%.
- Revenues grew 16% to $2.2 billion driven by higher fees from increased assets under management and strong sales. Expenses rose 13% primarily due to increased compensation.
- For the full year, income grew 13% to $631 million and adjusted earnings grew 25% to $866 million. The company exceeded its cost savings target for the year.
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
IPC Holdings, Ltd. reported net income of $8.3 million for Q1 2009, down from $86.8 million in Q1 2008. Net operating income was $43.8 million in Q1 2009 compared to $92.8 million in Q1 2008. The earnings decline was primarily due to higher net losses on investments, higher net losses and loss adjustment expenses, and increased general administrative expenses associated with strategic initiatives. Gross premiums written increased to $234.6 million in Q1 2009 from $197.9 million in Q1 2008 due to increases in pricing and renewals. However, net investment income and net income available to common shareholders decreased compared to Q1 2008.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
McDonald's reported strong first quarter 2009 results driven by a 4.3% increase in global comparable sales despite having one less trading day. Operating income increased 5% in constant currencies. Earnings per share grew 7% to $0.87, including a $0.04 gain from the sale of Redbox. The company returned $1.4 billion to shareholders through share repurchases and dividends. McDonald's CEO said the underlying business remains strong and momentum has continued into April with comparable sales trending as strong or better in all areas of the world.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
StockerYale reported financial results for the first quarter of 2009, with revenue of $6.3 million, down 22% year-over-year due to a strong US dollar and weak global demand. The company achieved a gross profit margin of 38% compared to 31% in Q1 2008 through higher margin product sales and cost reductions. While the operating loss was $0.9 million, EBITDA was near break-even at -$27,000 compared to a loss of $400,000 in Q1 2008. StockerYale expects continued challenges in the near future but believes medical and defense sales will increase in 2009 to offset weakness in other markets.
The document provides financial results for Ameriprise Financial for Q3 2006. Key points:
- Net income was $174M, up 39% from prior year. Adjusted earnings excluding one-time costs were $231M, up 29%.
- Revenues grew 6% to $2B driven by higher fees from increased assets in wrap accounts and variable annuities.
- Expenses grew slower than revenues. Compensation increased due to business growth and incentives. Interest expenses fell due to lower fixed annuity balances.
- Assets under management grew 5% to $440B despite selling its recordkeeping business. Strong flows continued in wrap accounts and variable annuities.
1) An economist discusses environmental economics and how it relates to climate change. The causes of environmental problems are economic due to unintended pollution from production, and environmental problems have economic consequences.
2) The basic science of climate change is outlined, noting the risks of temperature increases over 2°C. From a science to economics perspective, reducing emissions to avoid the worst impacts will be difficult but not impossible, though the costs are often underestimated.
3) Moving from economics to politics, climate change is a global issue but costs and benefits are not equally distributed, creating a free rider problem requiring international cooperation. Carbon pricing is the most effective but politically challenging approach.
Internet es una red global que permite el intercambio de información entre usuarios. Surgió hace 30 años como un proyecto militar en EE.UU. para conectar ordenadores y luego se expandió a universidades y hogares. Ofrece servicios como correo electrónico, web, FTP y telefonía. Tiene ventajas como facilitar la comunicación y búsqueda de información mundial, pero también riesgos como encontrar contenido inadecuado y depender de la conexión.
Este documento contiene una serie de reflexiones breves sobre temas como los sueños, el amor, la felicidad, la determinación y la importancia de la sonrisa. Alienta a las personas a perseguir sus sueños, a no rendirse ante el fracaso, a buscar la felicidad de los demás y a ser pacientes tanto con los demás como consigo mismos.
The iNSIST project developed a data transfer application to export health data from state databases to a website. The project manager had over 12 years of experience and led several large projects. Key constraints included not being able to change the source or destination systems. Risks included having only part-time resources and technical challenges integrating different database types. Through a structured process and knowledgeable team, the project was successfully completed.
Las autoridades educativas han considerado reforzar el conocimiento del inglés en las escuelas mediante la creación de colegios e institutos bilingües. El objetivo es que los alumnos adquieran un nivel de dominio del inglés cercano al bilingüismo a través de un currículum integrado español-inglés durante toda su educación obligatoria. Se han establecido dos proyectos para lograr esto: un convenio entre el Ministerio de Educación y el British Council en 1996 y un programa bilingüe español-inglés
Duke Energy Corporation provided reconciliations of non-GAAP financial measures (ongoing earnings) to the most directly comparable GAAP measures (reported earnings) for the second quarter and first half of 2006 and 2007. Special items were excluded from ongoing earnings and included in total adjustments to reconcile to reported earnings. Management believes special items will not recur regularly.
EnCana generated $1.9 billion in first quarter cash flow, down 18% from the previous year. First quarter natural gas and oil production increased 3% to 4.7 billion cubic feet equivalent per day. EnCana remains focused on high return projects and aligning investments with low commodity prices through a modest $1.5 billion capital program. Operating and administrative costs decreased 31% to $1.06 per thousand cubic feet of gas equivalent due to a weaker Canadian dollar and lower fuel and incentive costs.
Celanese held a conference call to discuss its fourth quarter 2005 earnings. Key highlights included strong underlying business results driven by higher pricing and demand. The company also provided an outlook for 2006, forecasting adjusted EPS between $2.50-$2.90. Significant contributions continue to come from equity and cost investments, which paid $154 million in dividends for full-year 2005, up from $77 million in 2004. Capitalization was also discussed, with net debt of $3.047 billion as of December 31, 2005.
coca cola Reconciliation of Non-GAAP Financial Measuresfinance9
The document provides reconciliations of non-GAAP financial measures to GAAP measures for the Coca-Cola Company for years 1998-2003. It explains that management believes certain non-GAAP measures can provide a more meaningful reflection of underlying business trends by excluding items that impact comparability. The reconciliations adjust operating income and diluted EPS for currency impacts, impairments, accounting changes, and restructuring charges to show "ongoing" or "adjusted" results.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Second Quarter Reconciliation of Non-GAAP Financial Measures & Earnings Outlookfinance4
Anthem, Inc. held an earnings call on July 31, 2003 to discuss financial results for the second quarter of 2003. They provided reconciliations between GAAP and non-GAAP measures such as adjusted net income. For the full year 2003, they projected adjusted net income per share of $5.10 to $5.15. Additional projections included operating revenue approaching $16.5 billion, membership growth of 7-8%, and operating cash flow of at least $1 billion. They also provided earnings outlooks by operating segment.
- GM reported a GAAP net loss of $3.3 billion for the first quarter of 2008. Adjusted net loss was $350 million, excluding special items.
- Revenue was about flat at $42.1 billion as growth in international regions offset declines in North America. Adjusted automotive earnings before tax were $392 million.
- A strike at American Axle impacted production by about 100,000 units and reduced earnings before tax by approximately $800 million for the quarter.
- While markets outside North America grew, results in GMNA declined due to lower industry volume, mix shifts away from trucks, and higher material costs partially offset by cost reductions.
- Ameriprise Financial reported net income of $171 million for Q4 2006, up 54% from Q4 2005. Adjusted earnings excluding one-time costs were $251 million, up 30%.
- Revenues grew 16% to $2.2 billion driven by higher fees from increased assets under management and strong sales. Expenses rose 13% primarily due to increased compensation.
- For the full year, income grew 13% to $631 million and adjusted earnings grew 25% to $866 million. The company exceeded its cost savings target for the year.
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
IPC Holdings, Ltd. reported net income of $8.3 million for Q1 2009, down from $86.8 million in Q1 2008. Net operating income was $43.8 million in Q1 2009 compared to $92.8 million in Q1 2008. The earnings decline was primarily due to higher net losses on investments, higher net losses and loss adjustment expenses, and increased general administrative expenses associated with strategic initiatives. Gross premiums written increased to $234.6 million in Q1 2009 from $197.9 million in Q1 2008 due to increases in pricing and renewals. However, net investment income and net income available to common shareholders decreased compared to Q1 2008.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
McDonald's reported strong first quarter 2009 results driven by a 4.3% increase in global comparable sales despite having one less trading day. Operating income increased 5% in constant currencies. Earnings per share grew 7% to $0.87, including a $0.04 gain from the sale of Redbox. The company returned $1.4 billion to shareholders through share repurchases and dividends. McDonald's CEO said the underlying business remains strong and momentum has continued into April with comparable sales trending as strong or better in all areas of the world.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
StockerYale reported financial results for the first quarter of 2009, with revenue of $6.3 million, down 22% year-over-year due to a strong US dollar and weak global demand. The company achieved a gross profit margin of 38% compared to 31% in Q1 2008 through higher margin product sales and cost reductions. While the operating loss was $0.9 million, EBITDA was near break-even at -$27,000 compared to a loss of $400,000 in Q1 2008. StockerYale expects continued challenges in the near future but believes medical and defense sales will increase in 2009 to offset weakness in other markets.
The document provides financial results for Ameriprise Financial for Q3 2006. Key points:
- Net income was $174M, up 39% from prior year. Adjusted earnings excluding one-time costs were $231M, up 29%.
- Revenues grew 6% to $2B driven by higher fees from increased assets in wrap accounts and variable annuities.
- Expenses grew slower than revenues. Compensation increased due to business growth and incentives. Interest expenses fell due to lower fixed annuity balances.
- Assets under management grew 5% to $440B despite selling its recordkeeping business. Strong flows continued in wrap accounts and variable annuities.
1) An economist discusses environmental economics and how it relates to climate change. The causes of environmental problems are economic due to unintended pollution from production, and environmental problems have economic consequences.
2) The basic science of climate change is outlined, noting the risks of temperature increases over 2°C. From a science to economics perspective, reducing emissions to avoid the worst impacts will be difficult but not impossible, though the costs are often underestimated.
3) Moving from economics to politics, climate change is a global issue but costs and benefits are not equally distributed, creating a free rider problem requiring international cooperation. Carbon pricing is the most effective but politically challenging approach.
Internet es una red global que permite el intercambio de información entre usuarios. Surgió hace 30 años como un proyecto militar en EE.UU. para conectar ordenadores y luego se expandió a universidades y hogares. Ofrece servicios como correo electrónico, web, FTP y telefonía. Tiene ventajas como facilitar la comunicación y búsqueda de información mundial, pero también riesgos como encontrar contenido inadecuado y depender de la conexión.
Este documento contiene una serie de reflexiones breves sobre temas como los sueños, el amor, la felicidad, la determinación y la importancia de la sonrisa. Alienta a las personas a perseguir sus sueños, a no rendirse ante el fracaso, a buscar la felicidad de los demás y a ser pacientes tanto con los demás como consigo mismos.
The iNSIST project developed a data transfer application to export health data from state databases to a website. The project manager had over 12 years of experience and led several large projects. Key constraints included not being able to change the source or destination systems. Risks included having only part-time resources and technical challenges integrating different database types. Through a structured process and knowledgeable team, the project was successfully completed.
Las autoridades educativas han considerado reforzar el conocimiento del inglés en las escuelas mediante la creación de colegios e institutos bilingües. El objetivo es que los alumnos adquieran un nivel de dominio del inglés cercano al bilingüismo a través de un currículum integrado español-inglés durante toda su educación obligatoria. Se han establecido dos proyectos para lograr esto: un convenio entre el Ministerio de Educación y el British Council en 1996 y un programa bilingüe español-inglés
GM reported a preliminary net loss of $15.5 billion for the second quarter of 2008. Key factors contributing to the loss included a $3.3 billion charge for a special attrition program in GMNA, $1.1 billion in restructuring charges for capacity actions, and a $2.8 billion increase to reserves related to Delphi's reorganization. Excluding special items, GM reported an adjusted net loss of $6.3 billion. Weakness in the North American automotive market significantly impacted results. GM is taking actions to improve liquidity by $15 billion through 2009, including cost reductions, asset sales, and financing activities.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
General Motors reported a preliminary first quarter 2009 net loss of $6 billion including special items. Excluding special items, the adjusted net loss was $5.9 billion. The automotive sector recorded an adjusted operating loss of $3.9 billion, down $4.7 billion from the first quarter of 2008 due to lower industry volumes and market share declines partially offset by cost reductions. GMAC results recognized by GM were a loss of $0.9 billion. Adjusted automotive cash flow was negative $10.2 billion.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The debt to equity ratio increased to 160% at the end of the third quarter of 2006, compared to the long term target midpoint of 125-150%.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The company's debt to equity ratio was 160% at the end of the third quarter 2006, an increase from 143% at the end of 2005 but still below the long-term target range.
Preliminary 2008 First Quarter Results for General Motors showed:
- A net loss of $3.3 billion compared to a net income of $94 million in Q1 2007.
- Adjusted earnings before tax of $0.4 billion, up $0.2 billion from Q1 2007.
- Adjusted automotive operating cash flow of negative $3.6 billion.
- Global market share declined 0.5 percentage points to 12.5% while production fell 107,000 units to 2.233 million.
- The American Axle strike cost approximately $0.8 billion in lost earnings before tax for the quarter.
air products & chemicals Q1 FY 09 earningsfinance26
- Air Products reported net income of $69 million for the fiscal first quarter ended December 31, 2008, down from $263.7 million in the prior year. Excluding one-time charges, income was $206 million, down 21% from the prior year.
- Revenues declined 9% to $2.195 billion due to weaker volumes across segments from deteriorating economic conditions. Operating income fell 24% to $288 million.
- The company expects second quarter EPS to be between $0.80-$0.90 and full year EPS to be between $4.00-$4.30, excluding one-time charges.
Third Quarter 2006 Financial & Operational Update from El Paso Corporation:
1) El Paso reported its third consecutive profitable quarter with net income of $135 million.
2) The company's pipeline business continued to deliver strong results with $305 million in EBIT and progress on expansions and rate cases.
3) Exploration and production saw higher volumes and a new deep shelf discovery, contributing $141 million in EBIT.
4) The company made significant progress on resolving legacy legal and regulatory issues over the past six months.
- Marathon Oil Corporation reported Q4 2006 net income of $1.079 billion compared to $1.265 billion in Q4 2005. Full year 2006 net income was $5.234 billion compared to $3.032 billion in 2005.
- Upstream segment income decreased in Q4 2006 due to lower natural gas prices and volumes as well as higher costs, but increased for the full year due to higher oil volumes and prices.
- Downstream segment income decreased in Q4 2006 but increased for the full year due to Marathon's acquisition of a minority interest in 2005.
Goodrich Corporation reported fourth quarter and full year 2006 results on February 1, 2007. Some key highlights include:
- Fourth quarter 2006 sales grew 10% year-over-year with growth in all segments and major market channels. Segment operating margin increased from 11.2% to 12.5%.
- Net income per diluted share was $0.78, reflecting 39% growth over fourth quarter 2005.
- For the full year 2006, sales grew 9% year-over-year. Segment operating income increased 22% and margin increased 1.5% to 13.0%. Net income increased 83%.
- The company cautions that any forward-looking statements are subject to risks and uncertainties that could cause
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Total revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Total revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net before tax earnings for the fourth quarter. For the full year, FMS operating revenue increased 2% and net before tax earnings increased 4%.
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net earnings before tax for the fourth quarter. For the full year, FMS operating revenue rose 2% and net earnings before tax increased 4%.
- Ryder reported second quarter earnings per share of $1.19, up 31% from the prior year, with comparable earnings per share of $1.25, up 15% from the prior year.
- Fleet Management Solutions revenue increased 3% year-over-year due to growth in full service lease revenue, while Supply Chain Solutions revenue rose 5% on new business growth.
- Ryder revised its full-year comparable earnings per share forecast upward to a range of $4.75 to $4.85 per share.
GM's preliminary 2007 fourth quarter results showed:
- A GAAP net loss of $0.7 billion compared to an adjusted net income of $46 million, excluding special items.
- Total automotive revenue reached an all-time record of $46.7 billion.
- Adjusted automotive operating cash flow was negative $1.3 billion.
- GMNA's adjusted EBT declined by $0.9 billion from the fourth quarter of 2006 due to lower volume, mix, and pricing partially offset by manufacturing performance.
This document is a letter from GM's CEO to stockholders summarizing GM's performance in 2007. It discusses GM's continued efforts to transform the company through cost reductions, new vehicle launches, and addressing legacy costs. While adjusted earnings improved, GM reported a large loss due to a tax valuation allowance. The letter also outlines GM's strategies for growth in emerging markets and advanced propulsion technologies.
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 Third Quarter Fi...finance8
The document provides preliminary third quarter 2008 results for GMAC. Key points include:
- GMAC reported a consolidated loss of $2.5 billion for Q3 2008, driven by losses at ResCap from credit issues and weak housing markets. Insurance operations remained profitable.
- Auto finance saw higher provisions and weak economies negatively impact results in North America, while Canadian operations faced additional lease impairments.
- ResCap recorded $1.9 billion in losses for the quarter from loan loss provisions and losses on investment securities.
- GMAC ended the quarter with $13.5 billion in cash and cash equivalents.
1) The document provides an earnings conference call forecast for Q4 2007 and full year 2008. It includes details on Q4 2007 results, 2008 forecasts, and questions and answers.
2) Key highlights of Q4 2007 results include earnings per share of $1.24, up 15% from prior year. Operating revenue was up 4% and total revenue up 5%.
3) The forecast expects continued growth in 2008 from contractual revenue increases and favorable foreign exchange rates across all business segments.
- The company reported higher 4Q07 earnings per share compared to 4Q06, though some of the increase was due to tax benefits. Excluding these benefits, comparable earnings per share grew 9%.
- Revenue increased for all business segments compared to last year, driven by contractual revenue growth and favorable exchange rates.
- Earnings improved across segments due to various factors like improved contractual performance, lower expenses, and better international results. This was partially offset by declines in some areas.
- For the full year, earnings per share and comparable earnings per share also increased compared to 2006, though challenges remain around commercial rental and used vehicle sales.
- The company reported higher 4Q07 earnings per share compared to 4Q06, though some of the increase was due to tax benefits. Excluding these benefits, comparable earnings per share grew 9%.
- Revenue increased for all business segments compared to last year, driven by contractual revenue growth and favorable exchange rates.
- Earnings improved across segments due to various factors like improved contractual performance, lower expenses, and better international results. This was partially offset by declines in some areas.
- For the full year, earnings per share and comparable earnings per share also increased compared to 2006, though operating revenue growth was modest at 4%.
- Revenue and earnings for the company increased in the first quarter compared to the prior year.
- Earnings per share were $0.77, up 20% from the prior year.
- The company is increasing its full year 2006 earnings forecast to a range of $3.82 to $3.97 per share.
Similar to Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial (20)
The document summarizes Alcoa's 1st quarter 2008 financial results and outlook. Key highlights include income from continuing operations of $303 million, revenues of $7.4 billion, and segment ATOI increasing 42% excluding packaging. Business conditions included lower aluminum prices, unfavorable currency and energy costs, and continued pressure in automotive. The outlook anticipates production increases and improved efficiencies. Alcoa reviews growth opportunities in aerospace, transportation, and infrastructure and discusses strategic priorities around profitable growth, competitive advantages, and disciplined execution.
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
- Alcoa reported net income of $268 million for 3Q 2008, which included $29 million for restructuring. Revenues were $7.2 billion, up from $6.5 billion in 3Q 2007 excluding divested businesses.
- The aluminum industry is facing significant increases in input costs such as caustic soda, calcined coke, ocean freight, and fuel oil. These rising costs have squeezed margins across the industry.
- Compared to 3Q 2007, Alcoa's income from continuing operations excluding special items fell from $340 million to $298 million due to higher costs that were only partially offset by productivity gains and price increases.
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
Alcoa endorses The Business Roundtable Principles of Corporate finance8
The document outlines principles of corporate governance established by The Business Roundtable. It discusses the roles and responsibilities of boards of directors, CEOs, management, stockholders, and other parties. The board's primary duties are selecting the CEO and overseeing management. Management runs day-to-day operations and informs the board of business status. Effective governance requires understanding these roles and their relationships with stockholders and other constituencies.
The Alcoa 1996 Annual Report provides the following information:
1) Alcoa's earnings in 1996 totaled $514.9 million with revenues of $13.1 billion and a return on equity of 11.6%. Before special charges, earnings were $637 million for a return on equity of 14.4%.
2) Over the past decade, Alcoa has made safety its top priority and has successfully reduced injury rates at its facilities around the world, demonstrating that continuous improvement is possible.
3) Alcoa has expanded its global operations over the past year through acquisitions and new contracts, and it aims to leverage its resources and technologies worldwide to remain the leader in the aluminum industry.
The document provides cable customer metrics and financial data for 2007 and 2008. It shows that the company gained over 4,000 revenue generating units (RGUs) in 2008 but lost 575 total video customers. Digital video customers and homes passed increased while average monthly revenue per video customer rose to $110.48. Total revenue increased over $2.5 billion from 2007 to 2008 while operating cash flow increased over $1 billion. Capital expenditures focused on growth areas like customer premise equipment and scalable infrastructure to support additional customers and services.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
2. Forward Looking Statements
In this chart presentation and in related comments by General Motors’ management, we will use words like “expect,” “anticipate,” “estimate,”
“forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “seek,” “may,” “would,”
“could,” “should,” “believe,” “potential,” “continue,” “designed,” or “impact” to identify forward-looking statements that represent our current
judgments about possible future events. We believe these judgments are reasonable, but GM’s actual results may differ materially due to
a variety of important factors.
Among other items, such factors include: our ability to achieve reductions in costs as a result of the turnaround restructuring, health care
cost reductions and accelerated attrition programs, to realize production efficiencies and to implement capital expenditures at levels and
times planned by management; the pace of product introductions and market acceptance of our new products; changes in the competitive
environment and the effect of competition in our markets, including on our pricing policies; our ability to maintain adequate liquidity and
financing sources and an appropriate level of debt; restrictions on GMAC’s and ResCap’s ability to pay dividends and prepay subordinated
debt obligations to us; the final results of investigations and inquiries by the SEC and other government agencies; changes in relations with
unions and employees/retirees and the legal interpretations of the agreements with those unions with regard to employees/retirees; our
ability to complete the timely sale of a 51-percent controlling interest in GMAC and the effect of that sale on the results of GM’s and
GMAC’s operations and liquidity and their respective credit ratings; labor strikes or work stoppages at GM or its key suppliers such as
Delphi Corporation or financial difficulties at those key suppliers; negotiations and bankruptcy court actions with respect to our relationship
with Delphi, particularly GM’s ability to obtain a consensual resolution of its issues with Delphi on acceptable terms; and potential increases
in our product warranty costs and costs associated with product recalls or product liability. Other factors are the effects of transactions or
alliances entered into by one or more of our competitors; additional credit rating downgrades and their effects; costs and risks associated
with litigation; new or amended laws, regulations, policies or other activities of governments, agencies and similar organizations; price
increases or shortages of fuel; changes in economic conditions, commodity prices, currency exchange rates or political stability in the
markets in which we operate; and other factors affecting financing and insurance operating segments’ results of operations and financial
condition such as credit ratings, adequate access to the market, changes in the residual value of off-lease vehicles, changes in U.S.
government-sponsored mortgage programs or disruptions in the markets in which its mortgage subsidiaries operate, and changes in its
contractual servicing rights.
In addition to these factors, a variety of other factors may materially affect GMAC’s actual results, including: changes in the competitive
environment and the effect of competition in GMAC’s markets, including GMAC’s pricing policies; GMAC’s ability to maintain adequate
financing sources and an appropriate level of debt; the profitability and financial condition of GM, including changes in production or sales
of GM vehicles and risks based on GM’s contingent benefit guarantees; changes in GMAC’s accounting assumptions that may require or
that result from changes in the accounting rules or their application, which could result in an impact on earnings; and the threat of natural
calamities.
The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by GM and GMAC provide information about these
factors, which may be revised or supplemented in future reports to the SEC on those forms or on Form 8-K. We caution investors not to
place undue reliance on forward-looking statements, and do not undertake any obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these
statements, except where expressly required by law. 1
3. 2006 Third Quarter Highlights
• Record Q3 revenue of $48.8B
• GAAP EPS ($0.20), ($115) million Net Loss represents a $1,549
million improvement vs. Q3 ’05 reported results
• Adjusted EPS $0.93, $529 million Adjusted Net Income represents
$1,643 million improvement vs. Q3 ’05 Adjusted results
– GMNA improved by over $1.3B vs. Q3 ’05 on continued execution of
cost actions
– Significant improvements continue in GME and GMLAAM
– Continued growth in GMAP and solid financial results despite absence of
equity income from Suzuki
– Lower results at GMAC largely due to lower income in ResCap, change
in ownership interest at Capmark and lower commercial finance earnings
– Favorable impact of settling certain tax matters
• Cash balance of $20.4B at quarter-end, including readily available
VEBA of $2.5B
2
4. Third Quarter Adjusted Results – Net Income
2006
Fav/(Unfav)
($ Millions) 2005 2006 2005
GMNA $ (1,707) $ (367) $ 1,340
GME (121) (16) 105
GMLAAM 31 184 153
GMAP 188 83 (105)
Total Automotive (1,609) (116) 1,493
GMAC 654 346 (308)
Corporate Other (159) 299 458
Total Net Income (1,114) 529 1,643
EPS (excl. special items) $ (1.97) $ 0.94 $ 2.91
Fully diluted $ 0.93
Worldwide Production (000's) 2,174 2,070 (104)
Global Market Share 14.4% 13.9% (0.5) p.p.
Refer to Supplemental Chart 1 for reconciliation to GAAP figures 3
5. Corporate Other Results
• Favorable results in Corporate Other largely driven by reduced
legacy costs and significant tax benefits realized in the quarter
– Legacy costs reduced about $120 million after-tax
– Numerous discrete tax items totaling about $340 million after-tax
• Tax items included in adjusted income include:
– Favorable settlement of various foreign tax matters
– Adjustments to certain tax reserves based on re-evaluation of tax risk in
the US and Australia
– Adjustment related to GM filing its US tax return in July
• Additional adjustment in GMLAAM of approximately $30 million
after-tax, related to a tax recovery
• Two additional tax-related issues specific to GMAP called out as
special items ($148 million after-tax)
4
6. Third Quarter Adjustments to Income
$ Millions EPS
Adjusted Net Income 529 $ 0.93
Special Items (after-tax)
Delphi related (325) ($0.57)
GMAC Impairment/Loss on Sale (373) ($0.66)
Restructuring/Impairments (94) ($0.16)
Tax-related items 148 $0.26
Total Special Items (644) ($1.13)
GAAP Net Income (115) ($0.20)
Exclusion of special items useful for:
- Management to measure operations
- Comparisons between reporting periods
- Investors to measure and assess company performance
5
7. GMAC Impairment / Loss on Sale
• $373 million after-tax charge largely comprised of GMAC goodwill
impairment related to commercial finance business
• Q4 2005 charge to partially impair goodwill related to this business;
GMAC has determined all remaining goodwill should also be impaired
– Results in Q3 charge of $695 million after-tax at GMAC
• GM already impaired 51% of this remaining goodwill in Q2 as part of
accrual for original GM loss on sale of GMAC
– Announcement of sale of 51% controlling interest in GMAC at tangible
book value required GM to writedown 51% of all goodwill held in GMAC
• GM is now recognizing impairment of the remaining 49% of goodwill
related to the commercial finance business
Refer to Supplemental Chart 2 for reconciliation to GAAP figures 6
8. Delphi Charge
• In Q4 2005, GM estimated its contingent liability related to the Delphi
bankruptcy ranged from $5.5B - $12B (pre-tax), with amounts near the
lower end of the range considered more likely
– Charge of $5.5B (pre-tax) taken at that time
• Based on current status of discussions, incremental charge of $0.5B
pre-tax being taken in Q3
• Range of liability is revised to $6B - $7.5B pre-tax based on current
negotiations and range GM believes is now reasonable
– Continue to consider amounts near lower end of the range as more likely
• In addition to the above charges, final agreement may include other
initial and/or ongoing payments GM could make
– 2007 additional workforce payments not expected to exceed approximately
$400 million pre-tax
– Any ongoing items would be of limited duration and estimated to average
less than $100 million pre-tax annually
– Far exceeded by anticipated reductions in Delphi material cost premiums
• No assurance negotiations will succeed or result in anticipated outcome
7
9. North America
Third Quarter Adjusted Results
2006
Fav/(Unfav)
($ Millions) 2005 2006 2005
$24,685 $24,897 $212
Revenue
(2,147) (441) 1,706
Pre-Tax Income/(Loss)
(1,707) (367) 1,340
Net Income/(Loss)
(6.9)% (1.5)% 5.4 p.p.
Net Margin
North America:
- Production Volume (000) 1,146 1,050 (96)
- Market Share 25.6% 24.5% (1.1) p.p.
United States:
- Industry SAAR (Mil.) 18.5 17.1 (1.4)
- Market Share 26.0% 25.1% (0.9) p.p.
- Retail/Fleet Mix - % Fleet 25.2% 24.1% 1.1 p.p.
- Dealer Inventory (000) 818 1,003 (185)
8
10. GMNA Vehicle Revenue Per Unit
$20,500
20,216
Calendar Year Third Quarter
$20,000
19,637
19,430
19,419
$19,500
19,178
Memo:
Q206
18,972
19,160 $19,852
$19,000
18,972
18,880
18,895
Net Revenue 18,798
Gross Revenue
$18,500
Less Sales
Incentives
$18,000
2001 CY 2002 CY 2003 CY 2004 CY 2005 CY Q3'01 Q3'02 Q3'03 Q3'04 Q3'05 Q3'06
GAAP Rev/Unit 20,899 20,321 20,777 20,875 20,449 21,131 20,557 21,109 20,861 20,554 22,490
Memo: Vehicle Revenue per Unit excludes such items as impact of daily rental acctg., Service Parts, other
outside sales and OnStar
9
Refer to Supplemental Chart 3 & 4 for reconciliation to GAAP figures
11. North America Adjusted Net Income
Q3 and YTD 2005 vs. Q3 and YTD 2006
Q3 YTD
Q3 2005 Net Income ($1.7)B ($4.3)B
Volume / Mix (0.4) 0.2
Other Contribution Margin (0.1) 0.3
Pension / OPEB 1.0 1.3
Capacity / Attrition / Other 0.8 1.6
Q3 2006 Net Income ($0.4)B ($0.9)B
10
12. GMNA Contribution Margin
Q3 2005 To Q3 2006
• Launch vehicles delivering net favorable contribution margins
– Favorable pricing due to market reception of new products offsetting
increases in contribution costs related to:
• Additional content to maintain/improve competitive position
• Increasing costs of raw materials
• Increased freight costs related to increased fuel prices
• Carryover vehicles face contribution margin challenges
– Continued performance in material cost more than offset by raw material
cost increases and other contribution costs
• Launch vehicles represent approximately 30% of retail volume in
2006, expected to represent approximately 40% in 2007
11
13. Structural Cost Reduction in North America*
2006 CY
2006 CY pre-tax Savings of $6B
($ Billion)
3.0
1H06 about $1.5B 2H06 about $4.5B
2.5
2.0
1.5
1.0
0.5
0.0
Q1 Q2 Q3 Q4
Average Annual Q2
Q1 Q3 Q4
Run-rate of $9B by end of 2006
* Includes North American costs accounted for in Corp Sector 12
14. Europe
Third Quarter Adjusted Results
2006
Fav/(Unfav)
($ Millions) 2005 2006 2005
$7,252 $7,487 $235
Revenue
(208) (40) 168
Pre-Tax Income/(Loss)
(121) (16) 105
Net Income/(Loss)
(1.7)% (0.2)% 1.5 p.p.
Net Margin
Total Europe:
- Production Volume (000) 412 374 (38)
- Industry SAAR (Mil.) 21.4 21.5 0.1
- Market Share 9.1% 9.0% (0.1) p.p.
Germany:
- Industry SAAR (Mil.) 3.6 3.7 0.1
- Market Share 10.5% 9.9% (0.6) p.p.
UK:
- Industry SAAR (Mil.) 2.8 2.8 0.0
- Market Share 13.7% 13.3% (0.4) p.p.
13
15. Latin America, Africa & Middle East
Third Quarter Adjusted Results
2006
Fav/(Unfav)
($ Millions) 2005 2006 2005
$2,991 $3,636 $645
Revenue
42 188 146
Pre-Tax Income/(Loss)
31 184 153
Net Income/(Loss)
1.0% 5.1% 4.1 p.p.
Net Margin
Total LAAM:
- Production Volume (000) 207 216 9
- Industry SAAR (Mil.) 5.2 6.1 0.9
- Market Share 16.7% 17.3% 0.6 p.p.
Brazil:
- Industry SAAR (Mil.) 1.7 2.0 0.3
- Market Share 21.1% 21.1% 0.0 p.p.
14
16. Asia Pacific
Third Quarter Adjusted Results
2006
Fav/(Unfav)
($ Millions) 2005 2006 2005
$3,752 $3,851 $99
Revenue
98 27 (71)
Pre-Tax Income/(Loss)
90 79 (11)
China JVs Equity Income
19 (19) (38)
Other Equity Income/Minority Interest
188 83 (105)
Net Income/(Loss)
5.0% 2.2% (2.8) p.p.
Net Margin
Total Asia Pacific:
- Industry SAAR (Mil.) 18.2 18.9 0.7
- Market Share 5.9% 6.2% 0.3 p.p.
China:
- Industry SAAR (Mil.) 5.9 7.0 1.1
- Market Share 11.7% 11.4% (0.3) p.p.
GM-DAT: (Consolidated in Q2 2005)
- Production (Complete Build Units) 145 183 38
Australia:
- Industry SAAR (Mil.) 1.0 1.0 (0)
- Market Share 17.5% 14.8% (2.7) p.p.
15
Q3 2006 Results reflect full consolidation of GM-DAT revenue and income.
17. GMAC
Third Quarter Adjusted Results
2006
Fav/(Unfav)
($ Millions) 2005 2006* 2005
Automotive Finance $ 139 $ 136 $ (3)
ResCap 282 76 (206)
Insurance 89 191 102
Other** 144 (57) (201)
Adjusted Net Income $ 654 $ 346 $ (308)
* Excludes goodwill impairment charges of $695 million (after-tax) for Commercial Finance
** Includes Commercial Finance and equity investment in Capmark
Note: Amounts are presented on the basis reported by GM, which differ from those reported
by GMAC during the comparable periods
16
18. GMAC
Third Quarter Operating Review
• Auto Finance net income essentially flat year-over-year
– Operating performance trending well despite some weakness in credit,
offset by over $130 million after-tax expense related to debt tender offer
• ResCap year-over-year net income decline of over $200 million
– Margin pressure due to flat/inverted yield curve and competitive industry
pricing
– Decrease in 10-year swap rate adversely impacted MSR valuation
– Increase in delinquencies
• Insurance generated record quarterly net income, up $102 million
– Favorable loss performance and higher capital gains
• Other earnings down year-over-year about $200 million
– Primarily due to Q1 2006 change in ownership of Capmark, which today
reflects GMAC’s equity share of about 22% vs. wholly-owned a year ago
– Earnings also negatively impacted by higher credit provisions, mostly
related to the workout portfolio, at Commercial Finance
• Commercial Finance goodwill impairment of $695 million (after-tax)
– Rationalization of product lines; more moderate future growth rates; and
decline in factored sales volume 17
19. GMAC Global Liquidity
• GMAC continues to have access to large liquidity cushion
– Cash balance of $14.1 billion* at September 30, 2006
• Prudently reducing high excess levels of cash to more moderate levels as
access to funding improves and borrowing spreads continue to narrow
– Completed successful debt tender offer
• Retired over $1 billion of zero coupon bonds
• Positive economic benefits, despite upfront accounting loss
– Over $100 billion of unutilized bank lines, conduit capacity and whole
loan facilities
• Closed $10 billion Citibank facility in August 2006
• $13 billion of U.S. retail automotive whole loan sales completed YTD 2006
• Prudent funding position will be maintained
* Includes $5.0B in cash invested in a portfolio of highly liquid marketable securities 18
20. GMAC Outlook
• Overall 2006 outlook is mixed with expected strong results for
automotive finance and insurance
– ResCap results continue to be impacted by softness in the mortgage
market which has resulted in both margin and credit pressures
• Making good operational progress to prepare for stand-alone GMAC
• Following the closing of the transaction, GMAC anticipates improved
access to lower-cost capital to support profitable growth initiatives
– Expand auto financing activities to non-GM business
– Increase used vehicle financing volume
– Further expand Insurance international operations
– Continued growth in mortgage market share despite a difficult market
– Leverage cross-selling opportunities
– Pursue fee-based business opportunities
19
21. GMAC Transaction Closing Status
• A number of key milestones required by Closing have already been
achieved:
– Antitrust approval from U.S. FTC and European Union
– PBGC agreement acceptable to Consortium
– Significant progress in obtaining numerous regulatory approvals, third
party consents, and converting GMAC entities to LLC form
– GMAC inter-company exposure to GM already reduced by several
billion dollars
– GMAC closed $10B facility with Citigroup
• Six-month moratorium by the FDIC on final decisions on notices
under the Change in Bank Control Act with regard to Industrial Loan
Companies
– GM, GMAC and the Consortium have been working with the FDIC to
develop a means to enable the transaction to stay on target for a closing
in Q4 2006
20
22. GM Liquidity Position
Gross liquidity position remains strong at $20.4 B1
•
– Additional $14.4B VEBA assets available to fund healthcare costs
• GM remains committed to preserving strong liquidity position
– In Q3 completed amendment and restatement of GM’s revolving credit
facility, which provides $4.6B of available liquidity
• Intend to access this drawable facility as required to fund seasonal working
capital and other needs
– GMAC transaction will provide GM with up-front proceeds of about $10B
and significant ongoing cash flow from retained assets and GMAC
distributions
• GM to reinvest $1.4B in preferred interest in GMAC
– Near-term financial obligations are limited
• $1.2B2 of U.S. term debt maturing through 2007
• U.S. Salaried and Hourly pension plans were $14.0B over-funded as of the
most recent remeasurements
1
Includes $2.5B in readily-available VEBA assets (i.e., short-term VEBA)
2
Assumes $1.2B Series A convertible bonds will be put to GM at earliest possible put exercise date in March 2007
21
24. Automotive Cash Flow Summary
$ Billions
2006 2005
YTD YTD
Operating Related Q3 Q3
Net Income (Automotive & Corp/Other) (0.1) (3.9) (2.3) (6.0)
Depreciation & Amortization 1.9 6.0 3.2 7.4
Capital Expenditures (2.0) (5.1) (2.1) (4.9)
Change in Receivables, Payables & Inventory (0.3) (1.0) 1.2 (1.0)
Pension/OPEB expense (net of payments) (0.4) 4.5 0.9 2.5
Defined Contribution VEBA - (1.0) - -
Accrued Expenses & Other (2.9) (3.7) (3.2) (5.1)
Ad. Operating Cash Flow (3.8) (4.2) (2.3) (7.1)
Proceeds from Asset Sales - 2.3 - 0.2
Cash Restructuring Costs (1.2) (1.7) (0.2) (0.7)
Delphi - Cash Restructuring Costs (0.1) (0.2) - -
Fiat Settlement & GMDAT Consolidation - - - (0.5)
Adj. Operating Cash Flow After Special Items (5.1) (3.8) (2.5) (8.1)
Non-Operating Related
VEBA Withdrawals 2.0 4.0 1.0 2.0
Dividends (0.1) (0.4) (0.3) (0.9)
Change in Debt 0.1 (0.2) - 0.1
GMAC Dividends 0.5 1.9 0.5 1.5
Change in ST VEBA (0.3) (1.3) (0.1) 0.6
Other 0.4 (0.2) 0.4 0.7
Total Non-Operating Related 2.6 3.8 1.5 4.0
Net Change in Cash and Cash-related (2.5) 0.0 (1.0) (4.1)
23
Refer to Supplemental Chart 5 for reconciliation to GAAP Operating Cash Flow
25. Pension & OPEB Accounting Changes
SFAS 158
• In September 2006, the FASB issued Statement No. 158 which
covers changes in pension and OPEB accounting
• SFAS 158 requires an employer to include additional net assets
and/or liabilities on the balance sheet to reflect the funded status of its
pension and OPEB plans
– Unrecognized prior service cost/credit and actuarial gains/losses currently
reflected in financial statement footnotes will now be recognized in
shareholders’ equity
• GM expects the additional liability it will include on its balance sheet at
YE 2006 will cause total shareholders’ equity to be negative
– Actual impact will not be known until year-end plan valuations, but is
estimated at a reduction of shareholders’ equity by $18B - $25B, after-tax
24
26. Pension & OPEB Accounting Changes
SFAS 158
• Adoption of SFAS 158 expected to result in additional deferred tax
assets of approximately $4-5B and reduction of deferred tax liabilities
of approximately $6-9B
– Estimated impact to shareholders equity is before assessing GM’s ability
to realize this deferred tax asset, as well as others recorded previously
• Practical impacts of adopting SFAS 158 are limited
– No impact on pension expense, cash flows, or benefit plans
– Does not result in an event of default under any debt covenant
– No direct impact on GM’s ability to pay dividends under Delaware law
• Dividends must be paid out of surplus – the fair market value of the company’s
assets, reduced by fair market value of liabilities and capital (measured by par
value of outstanding stock)
• Accounting change will impact book value but not the fair market value of GM’s
assets and liabilities
25
27. Renault-Nissan Alliance Conclusion
• Teams in agreement over potential synergies in seven of eight areas
• Estimates differed on Purchasing -- but consensus that synergies
accrued predominantly to Renault-Nissan
– Would result in improved competitive position for Nissan
– Renault-Nissan unwilling to make compensating payment to GM
• Proposal included Renault-Nissan acquiring a substantial block of GM
common stock at market price
– Requested preferential rights which would have restricted GM’s strategic
options
– Unwilling to pay any premium to market (as normally seen in the purchase
of strategic stakes)
• Board vote was unanimous that alliance as proposed was not in the
best interest of GM shareholders
• GM advised Renault-Nissan it remains open to exploring and
implementing individual synergy projects that are mutually beneficial
26
28. Summary
• Automotive operations improved by over $1.5B on an
adjusted basis, on strength of cost actions in GMNA and
continued momentum in other regions
• On track to achieve $9B structural cost target on a running
rate basis by the end of 2006 – and continuing to work on
goal to reduce to 25% of revenues by 2010
• Best U.S. retail share of CY in Q3 – must leverage key
fullsize pickup and crossover launches
• Key priority is to finalize negotiations with Delphi
• Continue to be on track to close the GMAC transaction
in Q4
• Automotive liquidity remains strong at $20.4B, but
continued focus on improving operating cash flow
27
29. Supplemental Charts
The following supplemental charts are provided to reconcile
adjusted financial data comprehended in the primary chart set with
GAAP-based data (per GM’s financial statements) and/or provide
clarification with regard to definition of non-GAAP terminology
30. Reconciliation to Adjusted Net Income / EPS
Q3 – 2005 & 2006
$ Millions
Total
Q3 2006 GMNA GME GMLAAM GMAP Total Auto GMAC Other Operations
Net Income (374) (103) 184 231 (62) (349) 296 (115)
EPS - Basic ($0.20)
Adjustments (after-tax):
Asset Impairments - - - - - - - -
Special Attrition 105 - - - 105 - - 105
Vehicle Impairments (112) - - - (112) - - (112)
Restructuring Charge - (87) - (87) - - (87)
Sale of Isuzu - - - - - - - -
Sale of Suzuki - - - - - - - -
GMDAT DTA - - - 110 110 - - 110
Suzuki Residual Taxes - - - 38 38 - - 38
Commercial Finance Goodwill Impairment - - - - - (695) - (695)
Loss on Sale of GMAC - - - - - - 322 322
Delphi - - - - - - (325) (325)
Incremental Tax on GMAC Sale - - - - - - - -
- - - - - - - -
- - - - - - - -
Total Adjust. - Net Income (7) (87) - 148 54 (695) (3) (644)
Adjusted Net Income (As shown on chart 3) (367) (16) 184 83 (116) 346 299 529
Adjusted EPS - Diluted $0.93
Q3 2005
Net Income (2,175) (353) (68) 126 (2,470) 654 152 (1,664)
EPS - Basic ($2.94)
Adjustments (after-tax):
Salaried Attrition Program - - - - - - - -
Plant & Facility Impairments (468) (176) (99) (62) (805) - - (805)
Restructuring Charge - (56) - - (56) - - (56)
Tax Items - - - - - - 311 311
FHI Impairment - - - - - - - -
Total Adjust. - Net Income (468) (232) (99) (62) (861) - 311 (550)
Adjusted Net Income (As shown on chart 3) (1,707) (121) 31 188 (1,609) 654 (159) (1,114)
Adjusted EPS - Basic ($1.97) S1
31. Reconciliation of GMAC Loss on Sale / Goodwill Impairment
Q3 2006
($ Million)
615
GAAP – Reported loss on controlling interest in
GMAC – held for sale (pre-tax)
Less: Operating lease asset impairment (1,007) (a)
(392)
Subtotal – Pre Tax loss / (benefit)
Tax expense / (benefit) for above @ 35% 137
695
GMAC Goodwill Impairment (net of taxes) (b)
Tax expense / (benefit) – Basis differences (67)
373
Managerial Special Item – GMAC loss on sale /
GMAC Goodwill impairment (As shown on chart 6)
(a) – For GAAP reporting purposes, impairment on operating lease assets included as part of overall Loss on sale of controlling
interest in GMAC. Pursuant to Statement of Financial Accounting Standards No. 144 , the company is required to cease depreciation
on assets held for sale. Accordingly pre tax income in the third quarter was $1,007 million higher (as reported in Selling, General
and Administration expenses), however the benefits of that ceased depreciation are not recoverable at closing. Since the operating
lease asset impairment portion of the reported loss on sale offsets the favorable benefits of ceased depreciation, the amount has
been excluded from the managerial analysis.
(b) – Represents net of tax goodwill impairment charge recorded by GMAC in Q3 of 2006. Since the reduction in GMAC’s goodwill
had an impact on the overall GMAC loss on sale calculations, these amounts were considered together in the managerial analysis.
S2
32. Reconciliation of GMNA Revenue Per Unit
Calendar Year
CY'01 CY'02 CY'03
Revenue Revenue Revenue Revenue Revenue Revenue
$ (Millions) Per Unit $ (Millions) Per Unit $ (Millions) Per Unit
108,174 20,899 115,809 20,321 116,310 20,777
GAAP
3,854 4,221 4,275
a a a
add: Allied Sales
(11,213) (11,143) (11,394)
b b b
less: Non Vehicle Sales
(2,857) (2,805) (3,598)
c c c
less: Other Income Items
(156) 1,514 1,667
add: Other Misc
97,802 18,895 107,596 18,880 107,260 19,160
Managerial (shown on Chart 9)
CY'04 CY'05
Revenue Revenue Revenue Revenue
$ (Millions) Per Unit $ (Millions) Per Unit
114,355 20,875 104,289 20,449
GAAP
5,558 7,136
a a
add: Allied Sales
(11,137) (10,482)
b b
less: Non Vehicle Sales
(4,075) (3,563)
c c
less: Other Income Items
1,675 1,713
add: Other Misc
106,376 19,419 99,093 19,430
Managerial (shown on Chart 9)
a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis
b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis
S3
c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis
33. Reconciliation of GMNA Revenue Per Unit
Third Quarter
Q3'01 Q3'02 Q3'03
Revenue Revenue Revenue Revenue Revenue Revenue
$ (Millions) Per Unit $ (Millions) Per Unit $ (Millions) Per Unit
GAAP 26,583 21,131 26,703 20,557 26,809 21,109
910 a 984 a 1,075 a
add: Allied Sales
(2,850) b (2,879) b (2,914) b
less: Non Vehicle Sales
(824) c (593) c (771) c
less: Other Income Items
48 429 157
add: Other Misc
23,867 18,972 24,644 18,972 24,356 19,178
Managerial (shown on Chart 9)
Q3'04 Q3'05 Q3'06
Revenue Revenue Revenue Revenue Revenue Revenue
$ (Millions) Per Unit $ (Millions) Per Unit $ (Millions) Per Unit
GAAP 26,306 20,861 24,685 20,554 24,897 22,490
1,419 a 1,866 a 2,086 a
add: Allied Sales
(2,752) b (2,687) b (3,648) b
less: Non Vehicle Sales
(1,132) c (909) c (935) c
less: Other Income Items
(137) 629 (20)
add: Other Misc
23,704 18,798 23,584 19,637 22,379 20,216
Managerial (shown on Chart 9)
a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis
b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis
S4
c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis
34. Reconciliation of Automotive Cash Flow
Q3 – 2005 & 2006, CYTD – 2005 & 2006
Automotive & Other
$ Billions Q3 2006 CYTD 2006 Q3 2005 CYTD 2005
Net Cash Provided By Operating Activities (GAAP) (1.1) 4.4 0.4 (1.7)
Reclassifications to/ (from) U.S. GAAP
- Expenditures for PPE & Special Tools (2.0) (5.1) (2.1) (4.9)
- VEBA Withdrawls (2.0) (4.0) (1.0) (2.0)
- Cash Restructuring Costs 1.2 1.7 0.2 2.6
- Delphi - Cash Restructuring Costs 0.1 0.2 - -
- Other - (1.4) 0.2 (1.1)
Total Reconciling Items (2.7) (8.6) (2.7) (5.4)
Total Operating before Special Items (shown on Chart 23) (3.8) (4.2) (2.3) (7.1)
S5