GM Sees 2nd Quarter Profit Drop

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Bloomberg News - August 2, 2012

Second-quarter profit slid by 38 percent as GM struggles to turn around its money-losing Opel unit and European losses, not quite as bad as expected. Hedge-fund manager David Einhorn, Greenlight Capital Re Ltd, says GM is poised to rebound because there “is further embedded value.”

Find out more about GM’s “10th Profit”.

The second-quarter results, GM’s 10th straight profitable quarter, were helped by continued profits in North America and Asia where sales have been growing. Adjusted operating profits in North America fell to $1.97 billion and in Asia slid to $557 million. GM had an operating loss in South America of $19 million.

After dividends and other costs related to preferred stock, GM reported a second-quarter profit of $1.5 billion attributable to common stockholders.

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