Resources

Thomson Reuters Tax & Accounting News

Featuring content from Checkpoint

Back to Thomson Reuters Tax & Accounting News

Subscribe below to the Checkpoint Daily Newsstand Email Newsletter

GM posts strong profit on U.S. demand, smaller loss in Europe

October 30, 2013

By Ben Klayman, Deepa Seetharaman and Maureen Bavdek

DETROIT (Reuters) – General Motors Co <GM.N> on Wednesday posted a better-than-expected quarterly profit on strong results in its core North American market and a smaller-than-anticipated loss in Europe.

Net income attributable to common shareholders fell to $757 million, or 45 cents a share in the third quarter, compared with $1.48 billion, or 89 cents a share, in the year-earlier quarter.

Excluding one-time items related to the repurchase of preferred stock and tax expenses, GM earned 96 cents a share, 2 cents more than analysts polled by Thomson Reuters I/B/E/S had expected.

The results in North America and Europe helped to offset weaker-than-expected earnings in GM’s international operations, which include China and South America. The international earnings fell to $299 million from $761 million last year as the markets outside China were a drag.

(Reporting by Ben Klayman and Deepa Seetharaman; Editing by Maureen Bavdek)