GM sales up, but earnings take a dive
May 07, 2012 | 05:36 PM
| Corinna Petry
DEARBORN, Mich. Citing a large decline in first-quarter earnings compared with a year earlier, General Motors Co. management "has internal issues were fixing (and) we are not getting ahead of ourselves," chairman and chief executive officer Daniel F. Akerson said during GMs quarterly earnings conference call.
Detroit-based GMs 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 "were 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. "Were not immune to industry issues like recession, overcapacity in Europe or competition thats intensifying everywhere we do business," he said.....
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