Europe Results Rip GM
Results from Europe hurt GM (NYSE: GM) sales in the latest quarter, hurting numbers as it did with Ford (NYSE: F) GM’s Opel division has been a problem for some time. The company is trying to cut jobs and factories,…
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GM said that its earnings fell to $1 billion last quarter from $3.2 billion in the quarter a year ago. Revenue rose modestly to $37.8 billion to $36.2 billion.
GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011.
The firm did a bit better in the US. GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011.
GM has opened the door to one option in Europe. It has formed a joint venture with PSA Peugeot Citroen under which GM bought a 7% stake in the EU company, and agreed to combined factory operations.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
