DETROIT (AP) -- General Motors says second-quarter profit fell 85 percent as recall costs chopped $1.5 billion from the bottom line.<br />
The automaker posted a net profit of $190 million, or 11 cents per share, including restructuring and recall-related expenses. A year ago GM made $1.26 billion, or 75 cents per share.<br />
Without one-time items GM would have made 58 cents per share, equaling Wall Street's expectations.<br />
So far this year GM has recalled almost 30 million vehicles, a company record.<br />
GM took a number of pretax charges tied to the recalls. They Include $400 million to compensate victims of ignition-switch related crashes; $874 million to account for recall expenses during the next 10 years; and $1.2 billion for recalls announced during the quarter. The after-tax impact of those items was
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.