GM Profit Hits $1.2 Billion Worldwide, Down $300 Million from Last Year

General Motors'GMUnited States of America, 1998 > present8 models
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worldwide financial results for the second quarter of 2013 contains a mix good news and bad news. The good news is that revenue and earnings before interest and taxes were both up over the second quarter of 2012. The bad news is that net income is actually down slightly. 

GM posted revenue of $39.1 billion, up from $37.6 billion in the second quarter of 2012. The earnings before taxes and interest were $2.3 billion, from $2.1 billion in Q2 2012.

Net income hit $1.2 billion, down from $1.5 billion from Q2 2012. GM attributes the loss to a "special item" that reduced income by $200 million. It did not say what exactly this item was. It also had to pay increased taxes of $500 million compared to Q2 2012.

"We continue to perform well in the world's two most important markets, the U.S. and China. We also made further progress in our European business and saw the steady performance of our global brands ChevroletChevroletUnited States of America, 1911 > present82 models
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and CadillacCadillacUnited States of America, 1902 > present79 models
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," said Dan Akerson, GM chairman and CEO.

Regionally, GM had earnings before interest and taxes of $2.0 billion in North America, up $100 million from the previous year. In Europe, it posted a loss of $100 million, compared to a loss of $400 million in 2012. In South America, it had a profit of $100 million, compared to breaking even last year. In all other markets, GM had earnings before taxes and interest of $200 million, compared to earnings of $600 million in Q2 of 2012.