Your Town. Your Voice.
Local Business Search

GM 3Q profit falls 12 pct.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Wednesday, October 31, 2012 - 9:25 am

DETROIT – Growing losses in Europe and warranty costs in North America lowered General Motors' third-quarter profit by 12 percent.

But the company posted better-than-expected results in South America and internationally, and gave a rosier outlook for Europe. Its overall performance soundly beat Wall Street expectations, pushing up the stock price in Wednesday premarket trading.

GM said it earned $1.5 billion from July through September, down from $1.7 billion a year earlier.

The company earned 89 cents per share compared with $1.03 in 2011. Revenue grew 2.5 percent to $37.6 billion.

Excluding one-time items, GM made 93 cents per share, easily beating Wall Street expectations of 60 cents.

That drove GM shares up $1.05, or 4.5 percent, to $24.33 in premarket trading.