Vladimír Urbánek (Kurzy.cz)
World markets  |  October 31, 2012 16:40:52

GM 3Q surpassed market estimates, losses in Europe ends


American automotive leader General Motors (GM) reported 3Q of this year drop in net profit of about 10% to 1.83 mld.USD. Excluding one-time items, the gross profit level of 93 cents per share, which far exceeds the expectations set by the market an average of 60 cents.
Total sales grew by almost mld.USD to 37.6 billion, which exceeded the average market expectations adjusted to 35.9 mld.USD.

The automaker announced in Europe this year will experience something between 1.5 to 1.8 mld.USD, which tightened its total loss from this area since 1999, to about 17.3 mld.USD. Leadership automaker says that 2013 will be a bit better. GM is a collaboration with a consortium of PSA Peugeot Citroen. 3Q GM Europe lost 478 mill.USD from last year's 292 mill.USD
For domestic U.S. market automakers 1.82 mld.USD gross profit compared to 2.2 billion a year ago. In the first half of the domestic automobile market earned mld.USD 3.66, compared to 3.5 billion last year. Total sales in Q3 in the U.S. market grew by 3.4% to 1.97 million vehicles. The average price of models from GM in the U.S. fell by less than 1% to 33 024 USD. Compared to the level of 2002, the current prices are higher by 21% and by 13% compared to 2007.
Operating profit in 3Q international division grew by about 7% at 389 mill.USD. Axis failed in China, where there has been a decline in margins.
Jhoamerická division has seen a significant improvement in the operating profit level of 114 mill.USD compared to last year's loss of $ 44 mill.USD.

Keeping automakers expressed satisfaction over the development of farming. In his opinion, are beginning to show positive effects of the restructuring, the automaker recorded positive progress despite many difficult conditions.


GM shares before regular trading grew by almost 5%. Over the last 12 months, losing the title around 10%.
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