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GM Q2 profit exceeds expectations

   
  

Added At:  2012-08-02 6:31 PM

   Last Updated At: 2012-08-02 6:31 PM

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REUTERS

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009.

REUTERS

GM reported an operating loss in its Europe unit of $361 million‚ compared with a profit a year earlier of $102 million.

DETROIT: General Motors Co on Thursday posted a smaller-than-expected loss in Europe that helped the No. 1 U.S. automaker post a better-than-expected second-quarter profit.

Net income attributable to common shareholders fell to $1.49 billion, or 90 cents a share, compared with $2.52 billion, or $1.54 a share, in the year earlier quarter. Analysts polled by Thomson Reuters I/B/E/S had expected 74 cents a share.

Revenue fell to $37.6 billion from $39.4 billion a year before as the stronger U.S. dollar hurt results. Analysts had expected $38.58 billion.

GM reported an operating loss in its Europe unit of $361 million, compared with a profit a year earlier of $102 million. However, that loss was smaller than some analysts had expected. RBC Capital Markets analyst Joseph Spak had expected a loss of $528 million.

Shares in GM were rose to $20.40 a share in premarket trading from its Wednesday closing price of $19.66 on the New York Stock Exchange.


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