Michigan: GM Profits Fall 12%

English: Logo of General Motors Corporation. Source: 2007_business_choice_bro_en.pdf (on GM website). (Photo credit: Wikipedia)

News for G overnment M otors.

GM 3Q profit falls 12 pct.
General Motors 3Q profit falls 12 percent on Europe losses, North America warranty costs
By Tom Krisher, AP Auto Writer Associated Press

DETROIT (AP) — Growing losses in Europe and warranty costs in North America lowered General Motors’ third-quarter profit by 12 percent.

But the company posted better-than-expected results in South America and internationally, and gave a rosier outlook for Europe. Its overall performance soundly beat Wall Street expectations, pushing up the stock price in Wednesday premarket trading.

GM said it earned $1.5 billion from July through September, down from $1.7 billion a year earlier.

The company earned 89 cents per share compared with $1.03 in 2011. Revenue grew 2.5 percent to $37.6 billion.

Read more at Yahoo News.

Even with a loss, the stock looks like it is climbing. We don’t know if this is good or bad for tax payers.