GM profit falls 41 percent

RI Senate approves Chafee's…

PROVIDENCE, R.I. (AP) — The Rhode Island Senate has unanimously approved Gov. Lincoln …

Ohio's Sherwin-Williams now…

CLEVELAND (AP) — Cleveland-based paint maker Sherwin-Williams has become the first …

Senate panel OKs Chafee's EDC nominee

PROVIDENCE, R.I. (AP) — A Senate panel has endorsed Gov. Lincoln Chafee's nominee to head…

Stock market rises back into…

NEW YORK (AP) — The stock market marched back into record territory Tuesday as investors …

Harman Int'l 3Q adjusted profit…

STAMFORD, Conn. (AP) — Harman International Industries Inc. said Thursday that its fiscal…

Due to weakness in Europe

Updated: Thursday, 02 Aug 2012, 10:00 AM EDT
Published : Thursday, 02 Aug 2012, 10:00 AM EDT

DETROIT (AP) - General Motors said Thursday that its second-quarter profit fell 41 percent as losses in Europe and South America cut into strong North American earnings.

The company earned $1.5 billion from April through June, $1 billion less than its $2.5 billion net income a year earlier.

GM earned 90 cents per share compared with $1.54 a year earlier. Revenue fell 5 percent to $37.6 billion.

The company beat Wall Street expectations. Analysts polled by FactSet expected earnings of 75 cents per share.

GM lost $361 million before taxes in Europe, compared with a $102 million profit a year earlier. Even North America showed a little weakness. Pretax profits fell nearly 13 percent to about $2 billion.

GM profit falls 41 percent

Due to weakness in Europe

Site Tools