Category Archives: financial results

GM Gives Stock to Its Deeply Underfunded Pension Plan

Posted on 14 January 2011 by Ken Zino

General Motors Company (NYSE: GM) today confirmed it has completed a contribution of 60.6 million shares of GM common stock to its U.S. hourly and salaried pension plans, valued at roughly $2 billion. Continue reading →

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Chrysler Group 2010 Sales Up 16%. Breaks 1 Million Unit Level

Posted on 4 January 2011 by Ken Zino

Chrysler Group today reported U.S. sales of 1,085,211 units, an increase of 17% in 2010 when compared with 2009 sales at the Fiat controlled automaker. On average light-vehicle retail sales in the U.S. rose 11% during 2010 to 11.6 million units.

Particularly strong were truck sales at Jeep, plus 26% at 291,000, and Ram truck, up 9% at 213,000. On average U.S. light truck sales were up 18% to more than 5.8 million units during 2010. At almost 75% of sales, Chrysler Group remains at heart a truck company, making it vulnerable to rising fuel prices this year. Continue reading →

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Ford Reduces Debt With Successful Conversion Offers

Posted on 24 November 2010 by Ken Zino

Ford Motor Company (NYSE: F) announced today the results of conversion offers of bonds for stock that will reduce the company’s Automotive debt by more than $1.9 billion, lowering annualized interest costs by about $180 million. “These successful conversion offers represent another significant step toward our goal of reducing our Automotive debt and improving our balance sheet,” said Lewis Booth, Ford executive vice president and chief financial officer.

However, Ford is still listed as below investment grade by the rating agencies such as Moody’s Investors Service (Ba2) and Standard & Poor’s B+. Both junk ratings raise borrowing costs and limit large funds from buying Ford bonds. Ford lost its investment grade rating in 2005. Continue reading →

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Just How Bad is GM’s Accounting?

Posted on 14 November 2010 by Ken Zino

GM says that it doesn’t have the financial controls in place to know if its published results are real or if there are potential material changes lurking. Continue reading →

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