One-time items cut GM 3Q earnings 53 per cent, offsetting strong earnings in most regions | iNFOnews | Thompson-Okanagan's News Source

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One-time items cut GM 3Q earnings 53 per cent, offsetting strong earnings in most regions

FILE - In this Wednesday, Sept. 25, 2013, file photo, General Motors Chairman and CEO Dan Akerson addresses an Inforum-sponsored event as part of the Detroit Regional Chamber’s 2013 Michigan Automotive Summit at Cobo Center in Detroit. General Motors reports quarterly earnings on Wednesday, Oct. 30, 2013. (AP Photo/Carlos Osorio, File)
October 30, 2013 - 5:07 AM

DETROIT - General Motors says third-quarter net income fell 53 per cent compared with a year ago, as one-time expenses and losses in Europe offset strong performances elsewhere.

The company earned $698 million in the quarter, or 45 cents per share. That compares with $1.48 billion, or 89 cents per share, a year ago.

Excluding $900 million in one-time items, it made 96 cents per share — two cents per share above estimates compiled by FactSet.

It earned nearly $2.2 billion pretax in North America on strong pickup profits. Its European loss was cut in half to $214 million.

GM's revenue rose four per cent to $39 billion, just short of Wall Street's estimate.

News from © The Associated Press, 2013
The Associated Press

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