GM earns fall in second quarter, but still beat Wall Street expectations

Tuesday, July 17th 2001, 12:00 am
By: News On 6

DETROIT (AP) _ General Motors Corp. on Tuesday reported a sharp decline in its second-quarter earnings but still beat Wall Street expectations.

The world's biggest automaker earned $477 million, or $1.03 a share, in the April-June period compared with earnings of $1.75 billion, or $2.93 a share, a year ago.

The latest results included a one-time charge of $133 million, or 23 cents a share, for the restructuring of GM affiliate Isuzu Motors Ltd. Without the charge, GM earned $610 million, or $1.26 a share.

That beat the consensus of $1.14 a share expected by analysts surveyed by Thomson Financial/First Call.

GM revenue fell to $46.1 billion from $48.7 billion in the second quarter of last year.

Ford Motor Co. was scheduled to announce its second quarter results on Wednesday. DaimlerChrysler AG's results will be released Friday. Both were expected to show losses for the quarter. Ford's bottom line was expected to reflect costs involved in its $3 billion program to replace 13 million Firestone tires.