The company stated today that it found tax accounting mistakes dating back to
before 2002, which will end up increasing its retained earnings for subsequent
years of between $450m and $600m.
GM’s CFO, Fritz Henderson, said the
company is not yet able to state the size of its expected fourth-quarter profit.
GM reported losing $3bn through the first three quarters of last year and
$10.6bn in 2005.
The company is also probing other accounting problems involving hedging
Before GM’s announcement, the company’s shares rose 40 cents, or 1.2 percent,
to close at $33.14 on the New York Stock Exchange.
The shares, which have traded in a 52-week range of $19 to $36.56, fell 19
cents in after-hours trading.
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