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General Motors Corp. (NYSE: GM - News) today announced a 2007 calendar-year adjusted net loss, excluding special items, of $23 million, or $.04 per diluted share. This compares to adjusted net income of $2.2 billion, or $3.84 per diluted share in 2006, as significantly improved automotive performance was offset by large losses at GMAC. Including special items, the company reported a loss of $38.7 billion, or $68.45 per diluted share, compared to a reported loss of $2 billion, or $3.50 per diluted share in 2006. The loss is almost entirely attributable to the non-cash $38.3 billion special charge in the third quarter related to the valuation allowance against deferred tax assets.
GM's core automotive business generated record revenue of $178 billion in 2007, a $7 billion improvement over 2006, aided by explosive growth in emerging markets and favorable foreign exchange against a weaker U.S. dollar.