General Motors has yet to release its first quarter financial results, but an internal memo written by CEO Ed Whitacre reveals the company is expecting “solid” operating results. GM will make its first quarter financial results known next month.
“In January, I said we could earn a profit in 2010, if everything falls into place,” Whitacre said in a memo 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,” he said.
If GM manages to finish 2010 in the red, it would mark the end of five straight yearly losses. GM lost about $88 billion between 2005 and early 2009, capped off by a $4.3 billion loss during the second half of last year.
Although GM’s market share has slipped from 19.6 percent in 2009 to 18.7 percent in the first quarter, the Detroit automaker’s sales have improved 17 percent during 2010. GM is also more profitable than its pre-bankruptcy counterpart, thanks to new labor agreements and the elimination of some debt.