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9:36am -- GM's results overview for Q1 breaks down to this:

• Reported net income $62 million
• Record first quarter global sales of 2.26 million units
• Improved automotive operations, reported net income of $272 million
• Adjusted automotive operating cash flow of $300 million

9:38am -- want charts and details on GM's Q1 results? Download the PDF file here. GM is going through the charts slide by slide right now, so you may want to download the PDF and check it out (like I am).

9:40am -- $305 million in net loss for GMAC due to continuing mortgage industry softness. Ouch!

9:42am -- average revenue per vehicle for Q1 was right over $21,000 for the North American market, up over $1,000 from the Q1 period a year ago.

9:46am -- GM made marketshare gains in every global market except North America. Hmm -- it's home market is not being nice but GM is being embraced in Europe in the Pacific Rim.

9:50am -- GMAC's results were really the only large black eye on GM's overall body of business for the Q1 period. Just as GM is getting its automotive house in order (to a degree, with much work left), its mortgage business takes a dump. Darn! See this slide:

9:53am -- GM is now going over cash flow and associated contributors for the quarter. Get the details below:

9:59am -- Fritz is now going over pension costs and other labor costs along with predictions for where these are going. Delphi is also being discussed in detail. GM is really going over quite a bit of detail not generally seen in quarterly conference calls.

10:02am -- GM is now going over the outlook for 2007. See details below:


10:05am -- GM completes its quarterly overview. If you'd like to review all the information just presented, see this PDF file. The Q&A is starting as well...

10:06am -- first analyst question: where are the details on spefics for the contribution margin, specifically for raw materials like steel. Answer: raw materials continue to be a challenge for GM, as the margin for that piece of the business was actually negative for Q1.

10:08am -- second question: $1.3 billion in cost reductions in Q1, a sharp decline from Q4 of last year. What happened? Answer: $9 billion is expected for the entire year in terms of cost savings, and Q1 builds towards that goal (but not like 25%, really). Fritz doesn't answer directly here on how quarterly cost savings are going to play out as a quarterly percentage basis.

10:11am -- next question: with fuel prices going forward, how does that play into GM's structural changes in terms of its labor contracts (with collective bargaining). Fritz says that GM's business is not making the expected returns and all kinds of things (including bargaining) are looked at constantly.

10:14am -- next question: where specifically is GM in regards to its restructuring efforts? 2008 should show big cost reductions due to restructuring outside of 2007's goal of $9 billion in cost savings. Fritz doesn't answer directly except to say that "we're not stopping" in regards to cost savings that GM continues to look at.

10:17am -- next question: On the Delphi settlement, how many former employees have come back to GM after the settlement was concluded? Fritz answers that there is an expectation of former Delphi employees to "flow back" to GM, and GM will have to service those employee obligations (pension, health care, etc.). GM will hire former Delphi employees "because they are needed" -- not because of anything else.

10:22am -- next question: Delphi's "drag" could go into Q2 -- so will there be more costs to be expected? Answer" GM could end up paying for the Delphi situation (former division that filed bankruptcy) well into the third quarter even. It's hard to tell.

10:27am -- next question: payables are up about $3 billion, where generally they are flat. Why the increase from a flat Q4 to a $3 billion increase in Q1? Answer: nothing was unusual here, but inventory builds were somewhat of the cause. Fritz doesn't give any granularity here even though the analyst asking the question wants more info.

10:42am -- that's it! After a rather laborious analyst Q&A, the GM Q1 call ends. Although its automotive unit is showing greatly enhanced performance, GM still has its ownership position in GMAC causing a drag on profits and the Delphi situation with former employees hanging over its head. Nevertheless, the automaker is making huge cost-cutting strides and its automotive business is still in the midst of a turnaround.