GM Recall Costs Cut Profits In Half - Earns $1.4 Billion In Third Quarter

General Motors earned $1.4 billion in the third quarter, down slightly from a year earlier, but exceeding Wall Street expectations as profits in North America more than offset smaller profits in China and losses in Europe and South America.

On an earnings per share basis GM made $1.50, up 55% from a year earlier and easily beating the $1.19 per share consensus estimate among 16 analysts. But that number was 84 cents after subtracting 66 cents for special accounting charges.

Those charges reflected a $575 million charge in the quarter as a result of agreeing to pay $900 million last month to settle criminal charges arising from its defective ignition switches, which have been tied to 124 deaths.

randy3023 - 10/21/2015 4:11:13 PM

-1 Boost

GM profits need to be put towards repaying governments and other creditors who lost billions when the failed company went bankrupt.

Vette71 - 10/21/2015 8:21:44 PM

0 Boost

POTUS took care of making sure that wouldn't happen.

MDarringer - 10/22/2015 8:42:51 AM

0 Boost

And his idiot slobbering fans reelected him so clearly the people couldn't care less about responsibility and ethics.