GM cuts industry sales outlook

General Motors (GM) posted another quarterly loss Wednesday, and the automaker trimmed its industrywide sales forecast for 2008. GM reported a net loss of $3.3 billion, or $5.74 per share, compared with a year-ago loss from continuing operations of $42 million, or 7 cents a share. The latest quarter included a $1.45 billion charge reflecting the impairment of the company’s investment in its 49%-owned GMAC affiliate, a $731 million charge related to costs tied to the restructuring of auto parts maker Delphi, and $718 million in other items tied to North American and European operations. Excluding the charges, the latest-quarter loss was $350 million, or 62 cents a share.

GM’s adjusted loss is substantially narrower than analysts had been expecting. “We continue to leverage our global product portfolio to take advantage of tremendous growth in key emerging markets, while at the same time taking the appropriate actions to deal with the challenging economic conditions in the U.S.,” CEO Rick Wagoner said. But citing “the current state of the U.S. economy and automotive industry,” GM cut its 2008 U.S. total industry seasonally adjusted annual rate outlook to the mid to high 15 million unit range, down from the low 16 million unit range. GM said earlier this week that it would eliminate a shift of production at four assembly plants, and the company told reporters Wednesday that the economic outlook has “deteriorated” since the beginning of the year. Nonetheless, shares were up around 2% in early trading Wednesday.