January 26, 2006 10:00 AM, EST

GM Posts Multibillion-Dollar Losses for 4Q, Year

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eneral Motors Corp. said Thursday it lost $4.8 billion or $8.45 a share in the fourth quarter and lost $8.6 billion or $15.13 a share for 2005.

The loss was led by declines in GM’s North American division and was the No. 1 automaker’s first full-year loss in 13 years, the Associated Press reported.

Besides automobiles, GM also makes light and medium-duty trucks in Classes 2-7.

Chairman and Chief Executive Officer EO Rick Wagoner said 2005 "was one of the most difficult years in GM's history," AP reported.

GM's fourth-quarter loss compares with a loss of $99 million or 18 cents a share in the fourth quarter of 2004 and was the its fifth straight quarterly loss, AP said.

Revenue was $51.2 billion for the quarter, down slightly from $51.4 billion a year ago. Full-year revenue was $192.6 billion, just below the $193.5 billion in the previous year.

Excluding special items, GM lost $1.2 billion or $2.09 per share in the fourth quarter, compared with adjusted earnings of $726 million or $1.28 a share in the same quarter a year earlier, AP reported.

Special items included one-time restructuring costs of $1.3 billion in North America and a $2.3 billion charge associated with benefits at Delphi Corp., GM's former parts division, which filed for bankruptcy last fall. (Click here for previous coverage.)

GM expects to spend between $3.6 billion and $12 billion on benefits to Delphi workers, AP reported.