General Motors Company (NYSE: GM) announced its financial results for the second quarter of 2017, with earnings beating estimates and revenues missing estimates.
The No.1 U.S. automaker announced its second-quarter net income of $2.4 billion, or $1.60 per share, which was down from $2.8 billion, or $1.74 per share a year earlier. Excluding one-time charges, earnings per share was $1.89, beating estimates of $1.69 per share. According to the company, the drop in profit was mainly caused by the decision to sell its European operations, which suffered a loss of $770 million, and exit India and South Africa market.
For the second quarter, revenue dropped from $37.4 billion a year earlier to $37 billion, which was below estimates of $40.1 billion.
“Disciplined and relentless focus on improving our business performance led to a strong quarter and very solid first half of the year,” Mary Barra, the CEO of General Motors, said in a statement on Tuesday. “We will continue transforming GM to capitalize on growth opportunities and deliver even more value for shareholders.”
In the second quarter, the company sold fewer cars, and its inventories jumped 273,000 compared to the same period last year. The company plans to cut North American production by 150,000 vehicles in the second half of 2017.