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General Motors Company Message Board

  • adspatz adspatz Oct 30, 2013 11:17 AM Flag

    General Motors profits tumble 53%

    Search for "SEC Live Filings Digest" to find out more.
    General Motors Company (GM) announced its financial results for the third quarter of fiscal year 2013, reporting profits that fell 53% from a year ago. GM earnings decreased from $1.5B a year ago to $698M however if discounting one-time items would have been up slightly to $1.6B. Revenue inched upward from $37.6B to $39.0B, largely thanks to a 29% increase in North American sales, with that segment’s operating profit up to $2.2B from $1.7B. Europe continues to be troublesome; however losses are closing, moving from a $487M loss last year this period to $214M this quarter. Q3 2013 marks the 15th consecutive profitable quarter for the company, and GM CFO Dan Ammann remarked that Europe is improving and the quarter was an overall strong quarter.

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