GM beats expectations, earns $698M in 3Q - FOX 29 News Philadelphia | WTXF-TV

GM beats expectations, earns $698M in 3Q

Posted: Updated:

DETROIT -- General Motors says third-quarter net income fell 53 percent 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.

GM beat Wall Street expectations. Excluding $900 million in one-time items, it made 96 cents per share. Analysts polled by FactSet expected 94 cents.

GM took an $800 million one-time charge to buy preferred stock from a health care trust for union retirees.

It earned nearly $2.2 billion pretax in North America on strong pickup profits. Its European loss was cut in half to $214 million. Revenue rose 4 percent to $39 million, just short of Wall Street's estimate.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices