GM Hughes Electronics Corp.: The diversified automotive,...
From Times Staff and Wire Reports
GM Hughes Electronics Corp.: The diversified automotive, defense and space electronics firm’s 1989 net income fell 3% from a year earlier to $781.2 million. Revenue totaled a record $11.2 billion, up 2%. In the fourth quarter, the Detroit firm posted record earnings of $183 million, a gain of 8%. Revenue totaled $2.9 billion, off 6%. The results were attributed to a one-time charge for costs associated with an employee separation and early retirement plan at Hughes Aircraft Co. that reduced its total employment by 12%.
