Results from Europe hurt GM (NYSE: GM) sales in the latest quarter, hurting numbers as it did with Ford (NYSE: F) GM’s Opel division has been a problem for some time. The company is trying to cut jobs and factories, against objections from powerful unions and regional governments.
GM said that its earnings fell to $1 billion last quarter from $3.2 billion in the quarter a year ago. Revenue rose modestly to $37.8 billion to $36.2 billion.
GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011.
The firm did a bit better in the US. GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011.
GM has opened the door to one option in Europe. It has formed a joint venture with PSA Peugeot Citroen under which GM bought a 7% stake in the EU company, and agreed to combined factory operations.
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
