DETROIT — General Motors Corp. (NYSE: GM) today provided an update on its operations and market outlook.
"GM and its family of employees, dealers and suppliers are deeply saddened by the loss of life and suffering of so many victims and their families last week. We are committed to helping in the nation's recovery from these tragic events," said GM President and Chief Executive Officer Rick Wagoner.
A production stoppage occurred at all of GM's U.S. manufacturing and assembly plants on Friday in observance of National Prayer and Remembrance Day. GM closed three East Coast plants on Tuesday in light of events, and lost some additional production later in the week as a result of parts shortages.
Despite these temporary stoppages, General Motors today said its manufacturing plants in North America are expected to run at a nearly regular pace of production for the remainder of the third quarter. GM also said its third quarter production losses attributable to the terrorist activity and its aftermath will be less than 10,000 units. Accordingly total production for the third quarter is expected to be slightly above 1.22 million units.
Based on this current assessment, GM affirmed its previously stated expectation for third quarter earnings of US$0.83 per share.
"The market outlook for the remainder of the year is more difficult to predict," said Wagoner. "While vehicle deliveries were somewhat resilient last week, it is too soon to determine the effect on consumer confidence. We will closely monitor the economic outlook and will be prepared to make the appropriate production adjustments," said Wagoner.