Sans paper loss, GM makes $2.5B, topping expectations - WNEM TV 5

Sans paper loss, GM makes $2.5B, topping expectations

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Source: CNN Source: CNN
DETROIT (AP) -

General Motors posted a huge paper loss last quarter due to charges from the sale of its European unit, but without that, the company made $2.5 billion before taxes.

The $3 billion net loss came from a $5.4 billion charge for selling Opel and Vauxhall to France's PSA Group. But with that backed out and before taxes, the company made $1.32 per share. Analysts polled by FactSet expected $1.11 per share.

Shares of GM rose 42 cents to $45.57 in premarket trading Tuesday.

Much of the accounting charge came from previous losses that GM can't use to offset future tax obligations.

Revenue without Europe fell 14 percent to $33.6 billion, but that also beat expectations.

GM says its strong pretax performance came despite large production cuts in the U.S.

Copyright 2017 The Associated Press. All rights reserved. 

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