GM sales up, but earnings take a dive
May 07, 2012 | 05:36 PM
| Corinna Petry
Tags
General Motors,
Daniel Akerson,
Daniel Ammann,
Corinna Petry
DEARBORN, Mich. — Citing a large decline in first-quarter earnings compared with a year earlier, General Motors Co. management "has internal issues we’re fixing (and) we are not getting ahead of ourselves," chairman and chief executive officer Daniel F. Akerson said during GM’s quarterly earnings conference call.
Detroit-based GM’s revenue totaled $37.76 billion in the three months ended March 31, a 4.3-percent improvement over $36.19 billion a year earlier, so "we’re pleased with the progress in most areas," especially top-line growth, Akerson said, but first-quarter net income fell 68 percent to $1 billion from $3.15 billion. "We’re not immune to industry issues like recession, overcapacity in Europe or competition that’s intensifying everywhere we do business," he said.....
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