Reuters: Global Markets: GM profit beats on strong U.S. demand, smaller loss in Europe

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GM profit beats on strong U.S. demand, smaller loss in Europe Jul 25th 2013, 11:37 DETROIT | Thu Jul 25, 2013 7:37am EDT DETROIT (Reuters) - General Motors Co (GM.N) on Thursday posted a stronger-than-expected quarterly profit on strong demand in North America and cost-cutting in its struggling European business. Net income in the second quarter fell to $1.2 billion million, or 75 cents a share, from $1.5 million, or 90 cents a share, a year earlier. Excluding one-time items mostly related to the acquisition of preferred shares in GM Korea, the U.S. automaker earned 84 cents a share. That was 9 cents above what analysts polled by Thomson Reuters I/B/E/S had expected. Revenue rose about 4 percent to $39.1 billion, above the $38.37 billion analysts had forecast.

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