Strong North American earnings boost GM
Print Edition
General Motors Co yesterday posted a better-than-expected quarterly profit on strong results in its core North American market and the first revenue increase in Europe in two years.
GM Chief Financial Officer Dan Ammann said the No. 1 US automaker’s European unit remains on track to achieve its target of breaking even in the next year or so.
“The story in Europe overall is really consistent with the plan we laid out,” he said.
“Our overall objective of getting to break-even by mid-decade, clearly we’re well on track toward that.”
GM’s money-losing European unit has been a key focus for investors since the automaker went public in the autumn of 2010 following a bankruptcy reorganization and a US$49.5 billion government bailout. GM has lost money in that region for 13 straight years.
GM’s success in Europe echoed that of its smaller US rival Ford Motor Co, which last week boosted its full-year profit outlook and painted a brighter picture in Europe.
GM’s net income attributable to common shareholders fell to US$757 million, or 45 US cents a share, in the third quarter, compared with US$1.48 billion, or 89 cents a share, in the year-earlier quarter. But operating earnings rose almost 15 percent to US$2.64 billion.
Excluding one-time items related to the repurchase of preferred stock and tax expenses, GM earned 96 cents a share, 2 cents more than analysts polled by Thomson Reuters had expected.
The results in North America and Europe helped offset weaker-than-expected earnings in GM’s international operations, which include China and South America. The international earnings fell 61 percent to US$299 million as the markets outside China were a drag. Analysts polled by Reuters had expected a profit of US$329.2 million.
Revenue in the quarter rose 3.7 percent from last year to US$38.98 billion, but that was below US$39.49 billion analysts had expected.
GM’s operating earnings in North America jumped 27 percent to a surprising US$2.19 billion.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
