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GM Profits fall 14%

by Phantom Ace ( 3 Comments › )
Filed under Business, Economy, Headlines at October 31st, 2012 - 10:50 am

Barack Obama keeps pushing that GM is in great shape after his bailout. The truth is that it was a payoff to the UAW. Economic reality is now catching up to GM. Their 3rd quarter profits fell 14% from last year.

DETROIT (AP) — A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up in premarket trading Wednesday, even though the company’s third-quarter net profit fell 14 percent.

GM said it earned $1.48 billion from July through September, down from $1.73 billion a year earlier, as European pretax losses widened and North American profits fell.

GM got saved by Latin American sales. This will not last as economic reality is catching up with them.

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This entry was posted on Wednesday, October 31st, 2012 at 10:50 am and is filed under Business, Economy, Headlines. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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