Monday, August 12, 2013

GM CFO says not yet expected dividend

GM CFO says not yet expected dividend
TRAVERSE CITY, Michigan, Aug 8 Reuters)-General Motors co financial Chief said Thursday the U.S. based automaker has no current plans, payment of a dividend on its common stock, a move that many investors have longed.

"We pay no dividend at this point," Chief Financial Officer Dan Ammann told reporters on the sidelines of a Conference in Northern Michigan. "It is something what we on the road to expect." He gave no time frame.

CEO Dan Akerson said in June that the Detroit companies would a dividend and further share buy-backs going forward. He cited GM December to buy back of a block of U.S. equities for $5.5 billion and said GM could again take a similar approach.

In May 2008, GM last paid a dividend on common shares, and two months later said that it would suspend such payments. Weak demand then drove the company to seek bankruptcy protection in 2009 and a leaner operation with more money emerged on the one hand with the help of a $49.5 billion US taxpayer bailout.

GM pays a dividend on preferred shares. Rival U.S. automaker Ford Motor Co resumed, a common dividend in March 2012 after suspension of it for more than 5-1/2 years.

GM ended the second quarter with nearly $35 billion in total liquidity automobiles and analysts said it could start numbers is a dividend to common shareholders once again the US Government its share ended, who said it until April 2014 will happen. Treasury has still accounted for 13.8 percent of GM.

Ammann also said that the fall in the value of the Japanese Yen competitive challenges for GM in markets such as Southeast Asia and Australia has been created.

"We see more pressure on these markets than in the United States," he said.

In the second quarter took GM international operating unit, which include a $100 million to Asia, profit due to lower prices on vehicles hit.

Ammann focus in Australia GM Holden said his brand. The company ended recently, where the distribution of Opel-built vehicles. The Holden unit continues to a small number of vehicles for GM in the United States recently the 2014 Chevrolet SS sedan to deliver.

He said that GM of a cheap pricing environment not globally expected in the near future, but added that the company's profit margin would improve as it introduces more new products. New vehicles in the second quarter of GM benefits by about $400 million worldwide because of its ability, prices as it rolled out.

GM is in the middle of a major overhaul of its vehicle lineup, including the start of June, its newly-designed Chevrolet Silverado and GMC Sierra full-sized pickups.

Ammann called management turnover at the company is a "natural development." GM has several recent exits of executives, including the sudden resignation on Monday by Don Butler, who had been assigned in April, international neglected Cadillac seen.

Ammann offered in a speech on Thursday the first glimpse of the revised versions of the Chevy Colorado and GMC Canyon midsize pickups, GM will start building end next year at its plant in Wentzville, Missouri.

The smaller truck will join a lineup that includes new large trucks, to the profit of society so critical. GM said executives, offering a full range of trucks is key to its strategy for beating all kinds of truck buyers.

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