GM's net profit falls sharply
Source: Agencies |
May 4, 2012, Friday
|
Print Edition
Print Edition
GENERAL Motors' net income fell sharply in the first quarter, hurt by losses in Europe and a big accounting charge.
But the results beat Wall Street estimates and GM performed strongly in North America.
GM earned US$1 billion, or 60 US cents per share, in the first quarter. That compared with US$3.2 billion, or US$1.77 per share, a year earlier when earnings were boosted by the sale of GM's stake in a parts company.
In the latest quarter, GM lost US$256 million before taxes in Europe and took a US$590 million charge due to a change in its European pension values.
Chief Financial Officer Dan Amman said there won't be any "big bang" move to return Europe to profitability.
"It's an ongoing set of actions," Amman said.
But GM's overall results got a boost from North America, where it earned US$1.7 billion before taxes. GM posted an US$83 million profit in South America.
Quarterly revenue rose 4 percent to US$37.8 billion.
Excluding one-time charges, GM earned 93 cents per share in the quarter. That soundly beat Wall Street estimates of 85 cents on revenue of US$37.9 billion.
But the results beat Wall Street estimates and GM performed strongly in North America.
GM earned US$1 billion, or 60 US cents per share, in the first quarter. That compared with US$3.2 billion, or US$1.77 per share, a year earlier when earnings were boosted by the sale of GM's stake in a parts company.
In the latest quarter, GM lost US$256 million before taxes in Europe and took a US$590 million charge due to a change in its European pension values.
Chief Financial Officer Dan Amman said there won't be any "big bang" move to return Europe to profitability.
"It's an ongoing set of actions," Amman said.
But GM's overall results got a boost from North America, where it earned US$1.7 billion before taxes. GM posted an US$83 million profit in South America.
Quarterly revenue rose 4 percent to US$37.8 billion.
Excluding one-time charges, GM earned 93 cents per share in the quarter. That soundly beat Wall Street estimates of 85 cents on revenue of US$37.9 billion.
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