GM earnings hit by European losses |
| CNNMoney - Oct 31, 2012 |
General Motors' earnings fell in the third quarter, as rising losses in Europe and lower earnings at home hurt its bottom line.
Overall, GM on Wednesday posted net income of $1.8 billion, down from $2.1 billion it earned a year earlier. But the result soundly beat forecasts of analysts surveyed by Thomson Reuters. And the company said that its pretax operating earnings in the fourth quarter should be similar or slightly better than the final quarter of last year.
GM (GM, Fortune 500) said losses in Europe soared to $478 million from $292 million a year earlier. The company warned that its full-year losses in Europe will be between $1.5 billion and $1.8 billion, and said it won't be profitable there until the middle of the decade.
But Europe wasn't the only drag on results. Operating profits in North America fell 17% to $1.8 billion. That was partly balanced by improved results in its international unit, which includes operations in China. GM once again sold more cars and trucks in China than in the United States in the period.
Read Full Article from CNNMoney
- Posted: 2012-10-31 13:18:27
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
