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GM tops 2Q profit forecasts

FILE - In this July 14, 2015, file photo, employee Efren Martin II inspects a Cadillac Escalade as it nears the final process of assembly at the General Motors plant in Arlington, Texas. General Motors reports quarterly financial results on Thursday, July 23, 2015. (AP Photo/Tony Gutierrez, File) FILE - In this July 14, 2015, file photo, employee Efren Martin II inspects a Cadillac Escalade as it nears the final process of assembly at the General Motors plant in Arlington, Texas. General Motors reports quarterly financial results on Thursday, July 23, 2015. (AP Photo/Tony Gutierrez, File)

By Associated Press July 23, 2015 1 min read

DETROIT (AP) – General Motors Co. (GM) on Thursday reported second-quarter earnings of $1.12 billion.

On a per-share basis, the Detroit-based company said it had profit of 67 cents. Earnings, adjusted for non-recurring costs, were $1.29 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The automaker posted revenue of $38.18 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $40.11 billion.

GM shares have fallen 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 3 percent. The stock has declined 17 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GM at http://www.zacks.com/ap/GM

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Keywords: General Motors, Earnings Report, Priority Earnings