General Motors earnings drop 14%

US auto giant General Motors Thursday reported 14 percent lower profits on slightly weaker earnings from its North America division. GM reported net income of $865 million on revenues of $36.9 billion in the most recent quarter. That compares with net income of $1.0 billion on revenues of $37.8 billion in the year-ago period. The breakout of GM's income by region showed North America's earnings at $1.4 billion, compared with $1.6 billion last year. GM also reported a decline in South America from earnings of $200 million a year ago to break-even status this time. GM had losses of $200 million in Europe this time, compared with last year's loss of $300 million. GM reported net earnings per share of 58 cents, slightly above analyst expectations of 54 cents. Revenues were also slightly higher than the $36.6 billion seen by analysts.