GM tops 2Q profit forecasts

Author: associated press
Published: Updated:

DETROIT (AP) – General Motors Co. (GM) on Thursday reported second-quarter earnings of $1.12 billion.

On a per-share basis, the Detroit-based company said it had profit of 67 cents. Earnings, adjusted for non-recurring costs, were $1.29 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The automaker posted revenue of $38.18 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $40.11 billion.

GM shares have fallen 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 3 percent. The stock has declined 17 percent in the last 12 months.

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