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Thursday, May 03, 2012

ALERT: GM profit falls on European losses; North America gains

BREAKING NEWS ALERT May 3, 2012
 
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GM profit falls on European losses; North America gains
 Mike Colias
GM said its first-quarter net income declined to $1 billion, as a stout performance in North American was partially offset by continued troubles in Europe. Profit for the January-March period included a one-time loss related to goodwill impairment, mostly tied to changes in accounting for GM's pensions in Europe. Those charges reduced net by $612 million. Excluding those charges, GM earned $1.62 billion.
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