August 1, 2007 -- General Motors Corp. posts a second-quarter net income of $891 million that came largely from overseas operations, along with $520 million in charges associated with the bankruptcy reorganization of Delphi Corp. Rival Ford Motor Co. last week posted its first quarterly profit in two years at $750 million, although the company warned it had not turned the corner to consistent profitability. General Motors earnings growth in Europe, Latin America, Asia and other areas eclipsed lingering problems in North America. The company still posted a net loss of $39 million there. Revenue fell to $46.8 billion from $53.9 billion a year ago due largely to the sale of 51 percent of GM's former financial arm, GMAC Financial Services. GM said its adjusted net income, excluding one-time items, was $1.4 billion.
The Detroit-based company said its net income from continuing global automotive operations was $618 million, compared with a net loss of $3.48 billion in the year-ago period. In Europe, the company had net income of $217 million, versus a net loss of $39 million in the same quarter last year, while the company's Asia Pacific unit posted a net profit of $227 million, compared with $376 million in the year-ago quarter, which included $212 million from the sale of GM's interest in Japanese automaker Isuzu. Shares of GM fell 21 cents to $32.40 in trading after rising as high as $34.65 earlier in the session.
Source: FinancialWire
Source: Factiva
