GM turns 2012 profit despite losses in Europe
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 1:07 pm, Thursday, February 14, 2013
Last year's pretax profit, which excludes the one-time items, still dropped, but only by 5 percent to $7.9 billion. GM expects the European market to weaken further this year, which could further stress its bottom line. Under accounting rules, GM must book the credits because it's likely to use them to offset income taxes. The gain, though, was largely offset by removal of goodwill and the devaluation of assets in Europe because the prospects aren't so good. Chief Financial Officer Dan Ammann said restoring the tax credits is good news for GM because it's a sign that profits will continue. The earnings in North America also mean big bucks for GM's 50,000 U.S. factory workers, who agreed to take profit sharing over pay raises in 2011 contract talks. Akerson has said he expects GM to post a modest market share gain this year with total U.S. sales expected to rise from 14.5 million in 2012 to more than 15 million. Reported by SeattlePI.com 2 days ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 1:07 pm, Thursday, February 14, 2013
Last year's pretax profit, which excludes the one-time items, still dropped, but only by 5 percent to $7.9 billion. GM expects the European market to weaken further this year, which could further stress its bottom line. Under accounting rules, GM must book the credits because it's likely to use them to offset income taxes. The gain, though, was largely offset by removal of goodwill and the devaluation of assets in Europe because the prospects aren't so good. Chief Financial Officer Dan Ammann said restoring the tax credits is good news for GM because it's a sign that profits will continue. The earnings in North America also mean big bucks for GM's 50,000 U.S. factory workers, who agreed to take profit sharing over pay raises in 2011 contract talks. Akerson has said he expects GM to post a modest market share gain this year with total U.S. sales expected to rise from 14.5 million in 2012 to more than 15 million. Reported by SeattlePI.com 2 days ago.