From July 10, when GM emerged from bankruptcy protection after shedding billions in debt, through Dec. 31, GM lost $4.3 billion on revenue of $57.5 billion. But much of that loss was for one-time items, including a $2.6 billion payment to the United Auto Workers union for retiree health care.
The company reported several indicators of improving health: It took in $1 billion more than it spent in the period and began this year with $36 billion in cash and $60 billion in debt. At the start of 2009, it had $14 billion in cash and $104 billion in debt.
“General Motors should never again be in the financial position it found itself in last year,’’ chief financial officer Chris Liddell said.
Repaying $6.7 billion in government loans has been a top priority for chief executive Ed Whitacre. The government set a repayment deadline of 2015; as of the end of March, GM had paid back $2.4 billion. Liddell said GM plans to pay the rest by June.
GM owes an additional $45.3 billion to the government. That will be repaid when GM makes a public stock offering, which Liddell said will happen “when the markets and the company are ready.’’
David Kudla, of Mainstay Capital Management, which manages accounts for many GM retirees, said he’s encouraged. A year ago, he said, many people weren’t sure GM would survive.
Kudla said GM has made some good decisions, including restructuring its balance sheet, investing in better products, and shedding brands. “They’re not only putting themselves in a position to survive going forward but to thrive going forward,’’ he said.
Kudla said among GM’s biggest obstacles now is the sluggish economy.
Liddell, who came to GM at the beginning of the year from Microsoft Corp., would not say whether GM will make money in the first quarter, but said there’s a good chance it will make a profit in 2010. GM plans to release first-quarter results next month.
GM, the largest car company by sales in the United States, saw a slight gain in US market share in the first three months of 2010, compared to a year ago.
Sales of some of its new crossovers, including the Chevrolet Traverse and Equinox and GMC Acadia and Terrain, have been particularly strong. Worldwide production rose to 1.9 million vehicles in the fourth quarter, up from 1.6 million in the same quarter in 2008.
But rivals are nipping at its heels. Ford, which did not take government aid and reported a $2.7 billion profit for 2009, outsold GM in February for the first time in a dozen years.
Toyota Motor Corp. came close to outselling GM last month, when it used heavy incentives to lure buyers after a series of safety recalls.
