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GM Profit Falls 11% Despite Narrow Loss in Europe
General Motors Co. netted $1.2 billion (€900 million) in the first quarter of this year compared with $1.3 billion (€1 billion) in the same period of 2012 as operating results eroded in every region except Europe.
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General Motors Co. netted $1.2 billion (€900 million) in the first quarter of this year compared with $1.3 billion (€1 billion) in the same period of 2012 as operating results eroded in every region except Europe.
Revenue dipped 2% to $36.9 billion (€28.1 billion) in the January-March period because of a 3% decline in wholesale shipments and unfavorable exchange rates in the U.K. and Venezuela. But retail sales grew 4% to 2.36 million units.
GM also reported quarterly results by region:
NORTH AMERICA: Adjusted EBIT dropped 14% to $1.4 billion (€1.1 billion). Revenue edged down 1% to $23 billion (€17.5 billion). Wholesale shipments slipped to 829,000 vehicles, but retail sales climbed 8% to 762,000 units.
EUROPE: GM narrowed its loss to $175 million (€133 million) from $294 million (€224 million) a year earlier. Revenue fell 8% to $4.8 billion (€3.7 billion). Retail deliveries declined 6% to 373,000 vehicles.
INTERNATIONAL: In Asia Pacific, Africa and the Middle East, adjusted EBIT slid 5% to $495 million (€378 million). Revenue shrank 4% to $4.8 billion (€3.7 billion). Retail sales rose 7% to 992,000 vehicles, buoyed by record sales of 816,400 units in China.
SOUTH AMERICA: South American operations swung to a $38 million (€29 million) quarterly loss from a $153 million (€117 million) profit. Revenue contracted 5% to $3.7 billion (€2.8 billion). Deliveries to customers dropped 6% to 234,000 vehicles.
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