GM Takes a Hit from European Losses
Folks on the continent aren't in a "new car" mood these days
General Motors Company (NYSE:GM) is expected to report third-quarter profit plunging by nearly half as the No. 1 U.S. carmaker struggled with its loss-making European Opel-Vauxhall unit and worked to sell off high levels of North American inventory.
Analyst surveys indicate Wall Street expects the Detroit, Mich., company, which reports Wednesday, to post earnings per share of 60 cents to 63 cents. In third quarter 2011, the company earned $1.03 per share. Revenue in the July through August period is expected to decrease 2.2 percent year-over-year to slightly less than $36 billion, down from $36.72 billion in the year-earlier quarter.