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General Motors misses on profit expectations

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General Motors misses on profit expectations

While Ford surprisingly showed a positive result in the second-quarter, backed by record profit in North America and finally paring losses in Europe, its biggest US rival, General Motors, was hit by recall-related costs.

General Motors shares went down 5%, even as the automaker did post a good sales quarter in North America. Still, the gloomy outlook for the rest of the year, coupled with poor results in South America, clouded investor prospects for the company.

“GM came in a little bit below market estimates and Ford did better,” said Mirko Mikelic, senior portfolio manager with Clear Arc Capital. “GM also has some headwinds with all the recalls. That obviously doesn’t help them.”

According to company executives, the No.1 US automaker is on track or even ahead of a plan that was revealed back in January, when officials said GM’s full-year operating profit would climb modestly from 2013′s figure of $8.6 billion. Chief Financial Officer Chuck Stevens said that even as the overall results for the second-quarter profit didn’t meet expectations, the company had a strong performance in its two largest markets – China and the United States. He added that next year’s profits would be higher, as the company is on track to finally return to profit in Europe as well in 2015.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, July 25th, 2014 - filed under General Motors, Industry, News. Image credit: .
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