General Motors Earnings Fall 41%; Better Than Expected

[phideaux]

"Better than expected."


General Motors Earnings Fall 41%; Better Than Expected

Published: Thursday, 2 Aug 2012 | 9:45 AM ET

By: Reuters

General Motors posted a smaller-than-expected loss in Europe that helped the No. 1 U.S. automaker post a better-than-expected second-quarter profit.

AP

The North American unit of GM [GM Loading... () ] also reported stronger-than-expected results although the company attributed some of that to spending that was deferred to the third quarter.

"We clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America," GM Chief Executive Dan Akerson said in a statement.

Net income attributable to common shareholders in the second quarter fell to $1.49 billion, or 90 cents a share, compared with $2.52 billion, or $1.54 a share, in the year-earlier quarter. That's a decline of 41 percent from the period a year ago. Analysts polled by Thomson Reuters had expected 74 cents a share.

Revenue fell to $37.6 billion from $39.4 billion a year before as the stronger U.S. dollar hurt results. Analysts had expected $38.58 billion.

GM reported an operating loss in its Europe unit of $361 million, compared with a profit a year earlier of $102 million. However, that loss was smaller than some analysts had expected. RBC Capital Markets analyst Joseph Spak had expected a loss of $528 million, while Jefferies analyst Peter Nesvold had expected a loss of $432 million.

GM Chief Financial Officer Dan Ammann said Europe remains tough and would not predict when the company would return to profits in that region. He said the industry overall will face a challenging environment there in the second half of the year.

http://www.cnbc.com/id/48427583

[Goldhedge]

A good indicator of the overall economy I'd say...

[Irons]

This cannot be correct.

The state run media assured me just this morning everybody and thier Mom is buying new houses and cars. Everybody.

[Fanakapan]

It has been reported that Dr Heinkel has stated, that according to the Laws of Aerodynamics, the Bumble Bee Cannot Fly.

[Gold Rules]

This cannot be correct.

The state run media assured me just this morning everybody and thier Mom is buying new houses and cars. Everybody.

Yo Irons..........

wanta buy the Big Mac.......

cheap just think of all the toll money you could make

[Treetop]

What do you want to bet, that WE THE PEOPLE ultimately give Government Motors another bail out? Tt.

[Apocalypto]

Shhh! You're not supposed to be talking about GM, you're supposed to be talking about Chick-fil-A! Stick to the program.

[Scorpio]

GM is still doing what they have always done,

and we all know that old saying, how that will work out for them,

and it is flat out treasonous to me to paint that pig in this manner,

LOST A INCREDIBLE AMOUNT OF DOUGH, BUT THAT'S OK, 'CAUSE IT WAS LESS THAN WE ANTICIPATED SO THAT IS GREAT NEWS!!!

WTF????

and then to claim it was due to the dollar flop rate, are you jiggling me?

if someone as stupid as me could say at the beginning of this year that the dollar would approach 90 this year, then how in the sam hell can they not have known about the zero zone and the flop rate change long ago? With all their money they have to spend courtesy of the US taxpayer, to fund the economists and planners for global positioning?

That is why this time thru the meat grinder, referring to car dealers, I only looked at Ford, nothing else.

At least Bill Ford still has principles and business acumen.

S

[Strawboss]

At least Bill Ford still has principles and business acumen.

I have lots of respect for Ford. I remember when they took out that $25B loan and put up everything as collateral. Bill Ford is smart, has good vision and foresight and makes good decisions.

It doesnt hurt that his first official comments related to the Lions was that he would fire Matt Millen if he was in charge (his dad was still in charge). He is responsible for promoting Martin Mayhew who has done a phenomenal job of turning around a moribund franchise to respectability - just like he has done with Ford Motor Company.

Go Lions!

[anotherdave]

GM Earnings Unexpectedly Better Than What We Expected.

.

[Mr Paradise]

According to GM's super bowl commercial, their trucks can survive the apocalypse.

...yet they can't survive a free market economy.