More Good news: GM Raises Outlook, Production Schedule

NEW YORK Reuters reported good news from General Motors, who just said that it raised its estimates for first-quarter and full-year earnings and production schedules, reflecting

higher than expected industry sales in the U.S. and strong retail sales of the company's vehicles.

GM's current first-quarter earnings outlook is now $1.20 a share, excluding Hughes and any special charge related to its restructuring of European operations under its Project Olympia. The previous such estimate was $1 a share.

GM's revised 2002 estimate is now $3.50 per share, also excluding Hughes and any European restructuring charge. In a news release, the company attributed the increase of 50 cents per share from the previous estimate mostly to expected increases in production volume to meet better than expected retail vehicle demand in the United States.