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Wed., 10:55am: GM 3Q profit falls 14 pct

October 31, 2012
Tribune Chronicle | TribToday.com

DETROIT -- A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up in premarket trading Wednesday, even though the company's third-quarter net profit fell 14 percent.

GM said it earned $1.48 billion from July through September, down from $1.73 billion a year earlier, as European pretax losses widened and North American profits fell.

But South America swung to a big profit and GM posted better-than-expected results internationally outside of China.

GM said the quarterly performance, while down from last year, is a sign that steps it has taken to fix some troubled business units are working. The company was profitable in four of five of units, with Europe the only exception.

The Detroit company earned 89 cents per share, compared with $1.03 per share a year ago. Revenue grew 2.5 percent to $37.6 billion.

 
 

 

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