General Motors Co.
on Thursday reported net income of $190 million or 11 cents a share, a figure that was significantly reduced by $1.2 billion in recall-related charges and a $400 million special charge it estimates will be needed to pay for a victims compensation program.
The company’s net income fell about 85 percent from earnings a year ago, but squared with analysts’ estimates. Net income was reduced by about $1.5 billion with special items that included the compensation plan costs, recall charges and a $874 million pre-tax charge to reserve for future recall costs in North America going forward. The company also took an approximately $200 million restructuring charge mostly for Europe.Read Article