gm profit falls on north america weakness
Last Updated : GMT 18:08:33
Arab Today, arab today
Arab Today, arab today

GM profit falls on North America weakness

Arab Today, arab today

Arab Today, arab today GM profit falls on North America weakness

New York - AFP

General Motors Thursday reported a 13.8 percent drop in first-quarter profit largely due to weakness in North America, but pared losses in recession-riddled Europe. GM, the largest US automaker, reported net income of $865 million in the quarter to March 31, down from $1.0 billion a year earlier. The company earned 67 cents per share, excluding special items, solidly topping analysts\' average estimate of 54 cents. The company reported a net loss of nine cents per share from special items, including a charge for the devaluation of the Venezuelan bolivar and pension settlements. Net revenue fell 2.3 percent to $36.9 billion, reflecting a broad decline in sales worldwide that nevertheless was not as steep a Wall Street expected. GM shares were up 3.2 percent at $31.16 in closing trade on the New York Stock Exchange. Pre-tax earnings in North America came in at $1.4 billion, down 13.9 percent from a year ago. GM spokesman Jim Cain said the North America results were expected to improve after the company completes several roll-outs of new vehicles in the region. \"The story for North America is we\'re transitioning our product portfolio,\" Cain said. That shift comes against \"a backdrop of an economy that continues to improve.\" The company\'s pre-tax losses in Europe were $175 million, 40 percent lower than a year ago. \"The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world,\" Dan Akerson, GM chairman and chief executive, said in a statement, adding: \"We saw progress in Europe thanks to strong cost actions. GM chief financial officer Daniel Ammann said in a conference call that the company was in \"aggressive cost-control mode in Europe.\" The region \"is a very tough market environment. Ultimately we don\'t totally control the topline, but we do control what is going on cost-wise and we are staying aggressive on it,\" Ammann said. RBC Capital Markets characterized the Europe numbers as \"much better\" than expected and predicted the troubled unit could reach \"break-even\" status by mid-decade. Ammann declined to comment on the financial implications of the shutting of its Bochum, Germany-based factory. GM has announced plans to close the factory by end-2014 after workers rejected a compromise package. The site, owned by GM unit Opel, employs more than 3,000 people. GM\'s South America division swung into a loss of $38 million compared to a gain of $153 million a year ago. Ammann attributed the weak result in South America to Venezuela, which has historically been a profitable country for GM. GM saw \"very little\" production in Venezuela \"due to geopolitical obstacles,\" Ammann said. On the positive side, Ammann pointed to a pickup in business in Brazil, saying GM expected to \"build on last year\'s progress for the region for the year.\" GM said its worldwide market share rose from 11.2 percent in the year-ago period to 11.4 percent in the most recent quarter. US market share grew from 17.2 percent to 17.7 percent. GM\'s wholesale vehicle sales, the figures that are used to calculate profits, showed declines in most regions compared with last year. GM North America sold 829,000 wholesale compared with 848,000 in the year-ago period. An exception was China, where wholesale deliveries from GM\'s joint ventures grew to 841,000 from 756,000.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm profit falls on north america weakness gm profit falls on north america weakness

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm profit falls on north america weakness gm profit falls on north america weakness

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday