GM profit beats on strong US demand, smaller loss in Europe

General Motors Co on Thursday posted a stronger-than-expected quarterly profit on strong demand in North America and cost-cutting in its struggling European business.

General Motors Co on Thursday posted a stronger-than-expected quarterly profit on strong demand in North America and cost-cutting in its struggling European business.

HT Image

Net income in the second quarter fell to $1.2 billion million, or 75 cents a share, from $1.5 million, or 90 cents a share, a year earlier.

Excluding one-time items mostly related to the acquisition of preferred shares in GM Korea, the US automaker earned 84 cents a share.

That was 9 cents above what analysts polled by Thomson Reuters had expected.

Revenue rose about 4% to $39.1 billion, above the $38.37 billion analysts had forecast.