GM's Profits Drop 11 Percent
Not a good first quarter in North America
General Motors Co's first-quarter profit fell 11% as a result of a weaker performance in North America, where the nation's largest auto maker is spending heavily to launch new pickup trucks, continuing losses overseas and the impact of currency turbulence in South America.
But Wall Street had expected a bigger earnings hit and GM shares were up $1.10 in recent trading in New York to $31.28, a new 52-week high.
The auto makers reported net income of $1.18 billion, or 58 cents a share, compared with $1.32 billion, or 60 cents a year ago, for the same time period a year earlier. The results included a loss that reduced net income by $200 million.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?