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GM 3Q profit falls 12 pct.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Wednesday, October 31, 2012 - 9:25 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.