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Reply #16


Response to Tansy_Gold (Original post)

Thu Feb 16, 2012, 08:00 AM

16. GM Earns Record $9.19 Billion Net Income While Opel Loses Money

http://www.bloomberg.com/news/2012-02-16/gm-earns-record-9-19-billion-net-income-while-opel-loses-money.html

General Motors Co. (GM), which regained the global auto sales lead last year, earned $9.19 billion last year, the largest profit in its 103-year-history, while its European business again lost money.

Profit in the fourth quarter fell 25 percent to 39 cents a share, trailing the 41-cent average estimate of 17 analysts surveyed by Bloomberg. Net income attributable to stockholders slid 48 percent to $725 million, the lowest in two years.

GM North America earnings before interest and taxes more than tripled for the year to $7.19 billion on improved U.S. sales. The automaker’s Europe business, including the Opel brand, lost $747 million for the year. While that’s better than Europe’s $1.76 billion loss in 2010, it’s not break-even as GM had planned until November.

“GM’s results in Europe certainly dampen the positive results in the U.S. but you have to still say they had a really good year,” Rebecca Lindland, an industry analyst with IHS Automotive, said before the results were released. Before a government-backed bankruptcy in 2009, “they were making record losses, so they’ve made a tremendous amount of progress.”

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