Filed under: Europe, GM, Earnings/Financials, Opel
http://www.blogcdn.com/www.autoblog.com/media/2012/05/opel-dealership.jpg
[General Motors](http://www.autoblog.com/tag/general motors) is having a hard time nailing down its European operations. The automaker reported its first-quarter earnings slid by $1 billion, down from $3.2 billion in the first quarter of last year. The drop was partially attributable to a one-time loss that included changes in accounting for the automaker’s European pensions.
While GM earned $1.69 billion in North American before taxes, Opel lost $246 million in the first quarter. Surprisingly, that marks the second best quarter for the automaker in a year. Even so, [GM CEO Dan Akerson](http://www.autoblog.com/tag/dan akerson) said that the manufacturer’s European operations are headed for substantial revision.
Akerson said the situation is a “four-alarm fire” while speaking during a public radio interview. The executive declined to elaborate on any plans to help stem Opel’s losses beyond saying “We’re going to have to restructure again.”
In 2011, GM lost $747 million on its European operations, and with the looming debt crisis continuing to undermine consumer confidence in the EU, the company is desperate to ward off a repeat performance. Analysts believe that yet another restructuring will be a lengthy, drawn-out process, but likely won’t result in any actual plant closings.GM Europe headed for another restructuring after disappointing losses originally appeared on Autoblog on Thu, 03 May 2012 17:31:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Commentshttp://feedads.g.doubleclick.net/~at/y4Frcz_DwqduNDUVLLOaxmYgARw/0/di
http://feedads.g.doubleclick.net/~at/y4Frcz_DwqduNDUVLLOaxmYgARw/1/di
http://feeds.feedburner.com/~ff/weblogsinc/autoblog?i=PjiaePSo8MI:s1dkmUvII0I:wF9xT3WuBAs http://feeds.feedburner.com/~ff/weblogsinc/autoblog?i=PjiaePSo8MI:s1dkmUvII0I:V_sGLiPBpWU
http://feeds.feedburner.com/~r/weblogsinc/autoblog/~4/PjiaePSo8MI