February 12th 2012

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GM profits drop due to costs in Europe

Published on April 16, 2002; Published on January 23, 2011

General Motors Corp., the world's largest automaker, beat the Street on an operating basis in its Q1 results released on Tuesday, crediting strong North American sales and cost cuts.

Topics :: Hughes Electronics , First Call , Europe , U.S.

The company reported a profit of $228 million, or 57 cents a share, compared to $237 million, or 52 cents a share, in the same period a year ago (all figures in U.S. dollars).

Revenue was $46.3 billion, compared with $42.6 billion a year ago.

The results include a $407-million restructuring charge related to changes in European operations and three special items at Hughes Electronics that cost another $10 million after taxes.

Excluding special items and the effect of its Hughes unit, GM earned $791 million, or $1.39 a share. That was far better than the $1.14 a share expected, on average, by analysts surveyed by Thomson Financial/First Call.

GM raised its raised it full-year earnings per share prediction to $5 from $3.50, before charges.

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