Newspaper article THE JOURNAL RECORD

Net Income for Gm, Ford Decline by More Than 40%

Newspaper article THE JOURNAL RECORD

Net Income for Gm, Ford Decline by More Than 40%

Article excerpt

DETROIT (AP) - General Motors Corp. said Thursday its second-quarter profit slid 40 percent from a year ago, while Ford Motor Co. reported its earnings tumbled 45 percent in the same period.

Both companies said part of the reason for their earnings declines stemmed from economic uncertainty in Brazil, where both companies make vehicles.

GM, the nation's largest automaker - which employs approximately 6,000 workers at its Oklahoma City auto production plant - said it earned $900.1 million, or $1.32 a share, during the second quarter compared with $1.5 billion, or $2.23 a share, during the same period last year.

Its second-quarter revenue rose 1.2 percent to $33.9 billion from $33.5 billion.

For the first half of the year, GM's earnings fell 46.7 percent to $1.6 billion, or $2.34 a share, from $3 billion, or $4.60 a share, a year ago.

Revenue for the first six months fell 4.2 percent to $64 billion from $66.8 billion last year.

Ford said it earned $770.7 million, or $1.67 a share, during the April-June period this year compared with $1.4 billion, or $3 a share, last year.

The earnings came on revenues of $26.9 billion, up 3.9 percent from $25.9 billion a year ago.

The GM and Ford figures were in line with what Wall Street analysts estimated. Chrysler Corp. is expected to announce its results for the period Tuesday.

On Wednesday, two of GM's three main subsidiaries reported profit increases while one reported a decline. General Motors Acceptance Corp. said it earned $301.6 million in the second quarter, up 12.2 percent from last year, and Electronic Data Systems Corp. said it earned $125.3 million, up 19. …

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