GM Reports $950 Million Fourth-Quarter Profit
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General Motors Corp. reported its second quarterly profit in two years on increased auto revenue and reduced labor costs, the automaker said Wednesday.
GM reported fourth-quarter net income of $950 million or $1.68 per share, compared with a loss of $6.6 billion, or $11.63 per share, a year earlier. Revenue slipped to $51.2 billion from $51.7 billion.Besides automobiles, GM also makes Class 2-7 light- and medium-duty trucks.Losses from the company’s mortgage unit lowered earnings excluding costs to 32 cents a share, 90 cents below analysts’ estimates, Bloomberg reported.The quarterly profit was the biggest in almost three years as the world’s No. 1 automaker cut spending to overcome more than $12 billion in losses over seven quarters in 2005 and 2006, Bloomberg said.
General Motors Corp. reported its second quarterly profit in two years on increased auto revenue and reduced labor costs, the automaker said Wednesday.
GM reported fourth-quarter net income of $950 million or $1.68 per share, compared with a loss of $6.6 billion, or $11.63 per share, a year earlier. Revenue slipped to $51.2 billion from $51.7 billion.Besides automobiles, GM also makes Class 2-7 light- and medium-duty trucks.Losses from the company’s mortgage unit lowered earnings excluding costs to 32 cents a share, 90 cents below analysts’ estimates, Bloomberg reported.The quarterly profit was the biggest in almost three years as the world’s No. 1 automaker cut spending to overcome more than $12 billion in losses over seven quarters in 2005 and 2006, Bloomberg said.
