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.
An intergovernmental agreement that has been in consideration for four years that would bring turn lanes and new pavement to the intersection of McEver Road and Gainesville Street is going to wait, at least for now.