GM Announces Financial Results of $1 Billion Less than Last Year

General MotorsGMUnited States of America, 1998 > present8 models
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was the final major auto company that had not released its financial statement for the second quarter of 2012. The company had net revenue $37.6 billion compared to $39.4 billion in the second quarter of 2011. Earnings before interest and taxes were $2.1 billion compared to $3.0 billion in 2011. Net income for the second quarter was $1.5 billion compared to $2.5 billion last year. 

GM blamed its loss entirely on the strengthening of the US dollar compared to the Euro and other currencies. 

“Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America. Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade," said GM chairman and CEO Dan Akerson.

GM of North America had earnings before interest and taxes of $2.0 billion compared to $2.2 billion in 2011. In Europe, GM had a loss of $400 million compared to a profit of $100 million in Europe in 2011. GM South America broke even for the quarter compared to making $100 million in the second quarter of 2011.