GM net income falls in 3d quarter

November 9, 2011
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US automaker General Motors
NEW YORK, Nov 9 – Top US automaker General Motors said Wednesday that third quarter earnings fell 3.2 percent from a year early, and said Europe’s turmoil would keep earnings flat in the current period.

GM, maker of the Chevrolet and Cadillac brands, said net earnings in the quarter to September 30 were $2.09 billion dollars, compared to $2.16 billion a year earlier.

The figure was sharply lower than the previous quarter’s $2.50 billion.

On a fully diluted basis, earnings per share fell to $1.03 from $1.20 a year earlier.

Revenues were up to $36.7 billion from $34.1 billion.

After a strong recovery over the past year from the 2008-2009 recession and government-led rescue, GM predicted that the fourth quarter would show little change from a year earlier, “as a result of seasonal trends in North America and weakness in Europe.”

It said restructuring charges in Europe would also hit its full-year bottom line “due to deteriorating economic conditions.”

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