GM Misses Estimates as Earnings in Asia and Europe Slide

Detroit ( TheStreet) --  General Motors ( GM) missed Wall Street estimates as earnings slipped in Asia and Europe.

The automaker reported net income excluding items of 67 cents a share. Analysts surveyed by Thomson Reuters had estimated 87 cents. Revenue rose 3% to $40.5 billion. Analysts had estimated $41 billion.

Including a net loss from special items of 10 cents a share, GM earned 57 cents a share. In the same quarter a year earlier, GM earned 54 cents a share including a net gain from special items of 6 cents.

In premarket trading Thursday, GM shares were down $1.35 at $33.85.


WATCH: GM Quarterly Profit Misses, Blames Unaccounted Restructuring Costs

"Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year," said CEO Mary Barra, in a prepared statement. "The tough decisions made during the year will further strengthen our operations. We're now in execution mode and our sole focus will be on delivering results on a global basis."

During the quarter, GM North America reported EBIT-adjusted of $1.9 billion, compared with $1.1 billion in the same quarter a year earlier. GM Europe reported EBIT-adjusted of $300 million, compared with $800 million a year earlier.

GM International Operations, which operates in Asia, reported EBIT-adjusted of $200 million, down from $700 million. GM South America reported flat EBIT-adjusted, compared with about $100 million a year earlier.

GM Financial reported earnings before taxes of $200 million, compared with about 100 million a year earlier.

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