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GM first-quarter profit dragged down by recalls

By The Associated Press

This article was published April 24, 2014 at 11:07 a.m.

DETROIT — General Motors on Thursday reported its worst financial results in more than four years as the costs of a series of recalls dragged down earnings.

First-quarter profit fell 86 percent to $125 million, or 6 cents per share, as the Detroit automaker took a $1.3 billion charge for recalling about 7 million vehicles worldwide.

GM also incurred $300 million in restructuring costs, mostly in Europe. And it took another $419 million charge due to a change in the way it values Venezuela’s currency.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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