GM Amends 1Q Earnings, Reporting a Profit

May 9, 2006 3:00 PM, EDT

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eneral Motors Corp. said late Monday it posted a first-quarter profit of $445 million — not a $323 million loss it reported earlier — because of a change in accounting procedures related to costs of a retiree health-care fund.

Separately, the judge in Delphi Corp.’s bankruptcy proceedings is likely to urge the parts maker — GM’s biggest supplier and a former unit of the automaker — to reach a compromise with the United Auto Workers and avoid a strike, Bloomberg reported.

The bankruptcy court hearings began Tuesday in New York. The UAW asked its members working at Delphi to hold a strike vote by May 14. (Click here for previous coverage.)

Workers at a Delphi facility in Dayton, Ohio, voted Monday to authorize a strike if no compromise was reached, the Dayton Business Journal reported.

GM’s profit, meanwhile, adds to its bottom line in a quarter in which it saw record revenue. (Click here for previous coverage.)

A strike at Delphi would disrupt GM’s car and truck production, Bloomberg reported.