GM 3Q profit falls 15 percent to $1.7 billion

[November 09, 2011]  DETROIT (AP) -- General Motors says it earned $1.7 billion in the third quarter, down 15 percent from a year earlier.

It was the company's seventh straight quarterly profit and the lower numbers still beat Wall Street's expectations.

GM earned $1.03 per share compared with $2 billion, or $1.20 per share, a year earlier.

Revenue rose 7.6 percent to $36.7 billion.

Analysts polled by FactSet predicted earnings of 94 cents per share on revenue of $35.9 billion.

GM lost money in Europe but it made a profit in North America and in its international operations including Asia.

Chief Financial Officer Dan Ammann says the company had a solid quarter but needs to improve its margin of profit in all regions.

The company sold 2.2 million vehicles in the quarter, up 9 percent from a year earlier.

[Associated Press]

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