GM 3Q profit falls 12 pct.
Wednesday, October 31, 2012 09:12 am
DETROIT – Growing losses in Europe and warranty costs in North America lowered General Motors' third-quarter profit by 12 percent.But the company posted better-than-expected results in South America and internationally, and gave a rosier outlook for Europe. Its overall performance soundly beat Wall Street expectations, pushing up the stock price in Wednesday premarket trading.
GM said it earned $1.5 billion from July through September, down from $1.7 billion a year earlier.
The company earned 89 cents per share compared with $1.03 in 2011. Revenue grew 2.5 percent to $37.6 billion.
Excluding one-time items, GM made 93 cents per share, easily beating Wall Street expectations of 60 cents.
That drove GM shares up $1.05, or 4.5 percent, to $24.33 in premarket trading.