CBS62logoNEW2013_blue_final_header_White wwj950-sm2011b 971-ticket-35smb 35h_CBSSportsRad_Detroit

Local

GM 2Q Profit Falls Nearly 16 Percent

View Comments
(Credit: Justin Sullivan/Getty Images)

(Credit: Justin Sullivan/Getty Images)

To fuel your love of cars,

visit the Autos section.

  autos arrows plug v2 GM 2Q Profit Falls Nearly 16 Percent

DETROIT (AP) - General Motors says second-quarter net income fell 16 percent as slowing international profits and losses in Europe offset strong North American earnings.

The company earned $1.26 billion from April through June, or 75 cents per share. That compares with $1.5 billion, or 90 cents per share, a year ago.

Still, GM soundly beat Wall Street expectations. Excluding one-time items, it made 84 cents per share. Analysts polled by FactSet expected 75 cents.

GM earned $1.98 billion in North America on strong pickup truck sales. It also narrowed European losses to $110 million. But profits at international operations fell by $400 million to $228 million.

Revenue was up 4 percent to just over $39 billion, beating Wall Street’s estimate of $37.7 billion.

GM sold 2.49 million vehicles worldwide, up 4 percent.

© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,884 other followers