gm earnings surge on solid sales in us china
Last Updated : GMT 19:34:20
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GM earnings surge on solid sales in US, China

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Arab Today, arab today GM earnings surge on solid sales in US, China

GM earnings for the second quarter
New York - AFP

General Motors reported Thursday that earnings quadrupled due to solid sales in the US and China even as revenues were dented by the strong dollar.

Earnings for the second quarter were $1.1 billion, up from $278 million last year.

Revenue dipped 3.7 percent to $38.18 billion. GM attributed the drop to the strong dollar.

Operating earnings in North America were roughly double that of last year at $2.8 billion, while earnings in GM International Operations, which includes China, rose 10.8 percent to $349 million.

GM had a smaller operating loss in Europe than last year, but a bigger one in South America.

"The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market," said chief executive Mary Barra.

GM's earnings were negatively affected by charges totaling $1.1 billion. These items included a $600 million charge for a currency devaluation in Venezuela and $400 million writedown on assets, primarily in Thailand.

The company also spent an additional $100 million in compensation for victims of accidents due to its ignition switch scandal.

However, the year-ago period included $1.2 billion in recall-related costs following a major scandal over the defective ignition switches.

GM's earnings translated into 67 cents per share, or $1.29 per share when special items are excluded. The company had been projected to earn $1.08, according to Wall Street analysts.

Shares of GM surged 6.1 percent in pre-market trade to $32.14.

 

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