GM's Quarterly Earnings Fall 74 Percent
Jul 17 8:08am ET
DETROIT (Reuters) - General Motors Corp. on Tuesday posted a 74 percent drop in second
quarter earnings to $477 million, including a charge of $133 million, as lower U.S. vehicle sales
and losses from overseas operations took their toll on the world's largest automaker.
Detroit-based GM said earnings dropped to $1.03 per share in the second quarter, including
the charge of 23 cents per share, down from $1.8 billion, or a record $2.93 per share, in the
second quarter a year ago.
Excluding the charge for a restructuring of affiliate Isuzu Motors Ltd. <7202.T>, GM earnings
dropped to $610 million or $1.26 per share, near the high end of Wall Street predictions.
Analysts had been expecting earnings in the range of 90 cents to $1.59 per share, with a
consensus forecast of $1.14, according to tracking firm Thomson Financial/First Call.
GM's shares have outperformed those of its closest rival, Ford Motor Co. , by about 25
percent since the beginning of the year. Ford is scheduled to release its second quarter
results on Wednesday. |
