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US: General Motors Q3 net income down 12% to $1.5bn

By Simon Warburton | 31 October 2012

General Motors has posted third quarter net income down 12% year on year from US$1.7bn to US1.5bn.

Net revenue in the third quarter was US$37.6bn compared with US$36.7bn a year ago, while earnings before interest and tax (EBIT), adjusted, was US$2.3bn compared with US$2.2bn 12 months ago.

"We're seeing green shoots take hold on tough issues like complexity reduction, pensions and Europe," said GM chairman and CEO, Dan Akerson.

"We are going to keep playing offence with growth products like the Chevrolet Onix, Opel Mokka and Cadillac ATS and continue to systematically address business risks."

Senior vice president and CFO, Dan Ammann added: "While we still have a lot of work to do, especially in Europe, it is encouraging to see our results begin to reflect the discipline we are bringing to bear on the overall business."