GM Profit Falls but Still Beats Wall Street Forecasts

gm earnings automaker earnings auto industry manufacturing dan akerson ceo
Peter Parks, AFP/Getty ImagesGeneral Motors CEO Dan Akerson
DETROIT -- General Motors says second-quarter net income fell 16 percent as slowing international profits and losses in Europe offset strong North American earnings.

The company earned $1.26 billion from April through June, or 75 cents a share. That compares with $1.5 billion, or 90 cents a share, a year ago.

Still, GM (GM) soundly beat Wall Street expectations. Excluding one-time items, it made 84 cents a share. Analysts polled by FactSet expected 75 cents.

GM earned $1.98 billion in North America on strong pickup truck sales. It also narrowed European losses to $110 million. But profits at international operations fell by $400 million to $228 million.

Revenue was up 4 percent to just over $39 billion, beating Wall Street's estimate of $37.7 billion.

GM sold 2.49 million vehicles worldwide, up 4 percent.

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Wish big uncle never would have bought this company.

July 25 2013 at 8:38 AM Report abuse -1 rate up rate down Reply