General Motors reported its net income was cut in half during the third quarter as one-time adjustments for restructuring the company’s debt reduced profits to $700 million from the $1.5 billion reported for the same period a year ago.
Despite the drop income, GM chairman and chief executive officer Dan Akerson said he was satisfied that GM was still making steady progress as its North America Operations, where margins surpassed 9%, continued to show strength. And the maker also saw an improvement in its loss-making European operations as a new turnaround plan appeared to be taking hold.
During the third quarter, GM said net income to common stockholders was $700 million, or 45 cents per fully diluted share, down from $1.5 billion, or 89 cents per share a year ago. Investors appeared to be taking the results in stride, however, with GM shares up in early trading. Excluding the one-time items, GM would have earned $1.7 billion, or 96 cents a share. That was ahead of the 94-cent forecast of analysts surveyed by FactSet.