GM 3Q profit falls 15pc to $1.7b

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FE Team | Published: November 10, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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DETROITNov 9 : General Motors Co.'s third-quarter profit fell 15 percent from a year earlier as the company posted a loss in Europe. GM's stock price fell 5 percent in premarket trading Wednesday to $23.88 as the company said it would not be able meet its target of breaking even in Europe this year. GM said that it earned $1.7 billion in the quarter, or $1.03 per share, compared with $2 billion, or $1.20 per share, a year earlier. Still, it was the GM's seventh-straight quarterly profit, and the lower numbers still beat Wall Street's expectations. Analysts polled by FactSet predicted earnings of 94 cents per share. Revenue rose 7.6 percent to $36.7 billion. Analysts had expected $35.9 billion. GM posted a pretax loss of $292 million in Europe as the economy struggled. Its profit rose slightly in North America to $2.2 billion, but earnings at its international operations, including China, fell 29 percent to $365 million. Chief Financial Officer Dan Ammann said the company had a solid quarter but needs to improve its margin of profit in all regions. - AP