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Automaker earns a profit

Thursday, Oct. 18, 2001 | 9:47 a.m.

DETROIT -- General Motors Corp. reported today that it lost $368 million in the third quarter due to one-time charges, but its results before the items beat Wall Street's expectations.

Chief Financial Officer John Devine warned the world's largest automaker will fall short of its fourth quarter earnings target, however.

GM lost 41 cents a share for the July-September period. That included charges totaling $753 million, or $1.26 a share, related to a previously announced closing of an assembly plant in Canada and various special items at its Hughes Electronics unit.

Excluding the charges, GM earned $385 million, or 85 cents a share, in the quarter. That beat the consensus forecast of 80 cents a share of analysts surveyed by Thomson Financial/First Call.

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