General Motors Co. (NYSE: GM) reported second-quarter 2014 results before markets opened Thursday. The automaker posted adjusted diluted earnings per share (EPS) of $0.58 on revenues of $39.6 billion. In the same period a year ago, the company reported EPS of $0.84 on revenues of $39.1 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.59 and $40.59 billion in revenues.

On a GAAP basis, GM’s EPS in the quarter were $0.11, which includes the impact of pretax charges of $1.3 billion ($0.47 per share) primarily for recall-related charges of $1.2 billion. GM had already reported the amount of the charges, so this should have been no surprise to anyone. The company reminded investors that there is no cap on the compensation program for owners of cars with the ignition switch defect. GM took a $400 million charge in the second quarter for that program.

North American second quarter pretax earnings fell from $2 billion a year ago to $1.4 billion this year. GM’s losses in Europe rose from $100 million a year ago to $300 million this year. International pretax earnings rose from $200 million a year ago to $300 million.

The company’s CEO said:

Our underlying business performance in the first half of the year was strong as we grew our revenue on improved pricing and solid new vehicle launches. We remain focused on keeping our customers at the center of all we do, and executing our plan to operate profitably in every region of the world.

The earnings announcement did not include guidance, but the consensus estimate for the third quarter calls for EPS of $1.05 on revenues of $40.03 billion. Full-year 2014 EPS is estimated at $2.84 on revenues of $159.38 billion.

Even discounting the huge charges GM took for recall-related costs, the company did not meet some pretty low expectations. That is the price of the recall distraction, and GM and especially CEO Mary Barra are going to have to return their attention and focus to selling cars. The company’s global market share fell from 11.6% in the second quarter of 2013 to 11.3% this year. And for the first half of the year, share fell in every region except APMEA, and it only rose 0.2% there.

GM shares were trading down about 1.9% in premarket activity Thursday morning, at $36.70 in a 52-week range of $31.70 to $41.85. The consensus target price for the shares was $44.10 before this report.

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