Restructuring Costs Drive Up GM's Quarterly Loss
STEVE INSKEEP, host:
If you're an executive at General Motors, you can at least say today that the bad news is not quite as bad as it seems. GM was thought to be on the mend until recently, but it produced a loss of three and a quarter billion dollars in the first quarter, three and a quarter billion dollars. Still, that headline is a little misleading. If you factor out one-time charges related to the company's restructuring, the loss was still a loss, but more like $350 million, much smaller.
The automaker has been hurt by a two month strike by workers at a key parts supplier which has affected production at dozens of plants across the country. GM still vies with Toyota for the title of world's largest automaker, and it actually made money on overseas operations, which underlines that it is still losing substantially in North America.
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