General Motors Corp. on Tuesday posted a first-quarter net loss of $1.1 billion, its worst result since the industrial icon skirted bankruptcy in 1992, due to weaker U.S. sales and growing costs for employee healthcare and raw materials to build cars.
The automaker also withdrew its earnings and cash flow forecast for the 2005 calendar year. Last month, GM cut its outlook for the year to a profit in the range of $1 to $2 per share, and analysts expect GM to earn a profit of 61 cents per share this year, according to Reuters.
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