General Motors reported a big drop in second-quarter earnings Tuesday on one-time restructuring costs in international markets, as car sales dipped in the cooling North American market.
Net income for the biggest US auto maker was $1.7 billion, down 42 percent from the year-ago period.
GM said overall performance remained solid, with growth in the key US crossover vehicle segment despite a decline in overall US car sales amid weak sedan demand.
GM notched higher sales in China compared with the year-ago period, but its overall international sales declined from the 2016 period.
Earnings were dented by one-time asset impairments, sales incentives and employee separations in India and South America as GM pares back operations in less-profitable markets.
The results were also hit by accounting for GM’s pending sale of its Opel/Vauxhall brands in Europe to PSA Peugeot Citroen.
“Disciplined and relentless focus on improving our business performance led to a strong quarter and very solid first half of the year,” said chief executive Mary Barra.
“We will continue transforming GM to capitalize on growth opportunities and deliver even more value for our shareholders.”
Earnings translated into $1.89 per share, 20 cents more than analysts expected.
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