U.S. News

GM Says Will Announce Fourth-Quarter Results Wednesday


General Motors announced the planned release of its 2006 fourth-quarter and calendar year financial results after delaying the report because of difficulties related to the sale of its former financial unit.

The company plans to announce results at 7 am New York time on Wednesday.

GM, the world's largest automaker, delayed its filing of financial results for the fourth quarter and 2006 in part because of difficulties in preparing the balance sheet for its former financial arm GMAC.

GM sold a 51% stake in GMAC to a consortium led by Cerberus Capital Management in November for $14 billion.

GM is expected to report a profit of $1.19 a share for its fourth quarter, reversing a loss of $2.09 in the comparable period last year, according to a consensus estimate from Thomson Financial.

GM Vice Chairman and Chief Financial Officer Fritz Henderson will conduct a conference call at 9:30 am Wednesday to discuss results.