DETROIT – General Motors Corp. said on Thursday it is targeting 2002 earnings of $3.00 per share, well above the consensus Wall Street estimate, aided by expectations of improved market share in all regions.
Estimates from 15 Wall Street analysts for GM's 2002 earnings per share range from 50 cents to $3.97, with a consensus of $1.93, according to earnings tracking firm Thomson Financial/First Call. GM's and Wall Street forecasts exclude the automaker's Hughes Electronics Corp. unit.
GM, the world's largest automaker, also said it raised its expectations for fourth-quarter earnings to 60 cents per share from 50 cents, due to strong North American vehicle sales. Estimates from nine Wall Street analysts range from 30 cents to 76 cents, with a consensus of 54 cents.
GM Chief Financial Officer John Devine said the automaker expects to improve market share in each of its four automotive regions around the world -- North America, Europe, Asia-Pacific and the combined Latin America/Africa/Mid-East regions.
GM also said it will cut costs this year, including reducing its overall automotive capital spending by about 11 percent, and through a previously announced early retirement package offered to select salaried employees.