General Motors second quarter net profit falls more than 40 percent

Posted at 7:45 AM, Jul 25, 2017
and last updated 2017-07-25 09:08:33-04

General Motors' second-quarter net profit fell more than 40 percent largely due to a loss from the sale of its European unit.

The company posted net income of $1.66 billion, compared with a record $2.87 billion a year ago.

If the European numbers are stripped away, income from continuing operations was $2.4 billion, or $1.89 per share, down 12 percent from last year. That still beat Wall Street estimates easily. Analysts polled by FactSet expected $1.68 per share.

Revenue was $37 billion, falling short of analyst estimates of $40.3 billion.

The net earnings include a $770 million loss from the sale of GM's European business to French carmaker PSA Group. It also includes $655 million in one-time items from restructuring in India and the sale of GM's South Africa business.