GM Sees 2nd Quarter Profit Drop
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.
