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30/10/2013 - 13:29New York (United States) (AFP)
Earnings for the quarter ended September 30 came in at $698 million on revenues of $39.0 billion, compared with $1.5 billion in profits on revenues of $37.6 billion a year ago.
GM said it achieved operating-performance improvements during the quarter, but results were hit by $1.0 billion on preferred stock buybacks and dividends and an $842 million income tax expense, up from $357 million in the 2012 quarter.
The combination of buybacks and higher taxes trimmed 51 cents per share from earnings.
A launch of the Chevrolet Enjoy car in Ahmedabad, India, on May 13, 2013
Overall car sales rose to 2.4 million, compared with 2.3 million during the same period last year.
"We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand," said GM chief executive Dan Akerson.
"Our efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody’s investment grade rating."
Models of GM's new Opel Adam car on the production line at the Opel plant in Eisenach, eastern Germany on January 10, 2013
But GM's international division overall achieved just $299 million in operating earnings, down from $761 million in the year-ago period.
COPY http://www.afp.com/
GM profits fall on equity buybacks, higher taxes
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