GM reports third quarter loss of $1.1 billion

From the Associated Press:

DETROIT - General Motors Corp. on Monday reported a net loss of $1.1 billion in the third quarter, down from a net income of $315 million a year ago.

GM lost $1.92 per share, compared with a gain of 56 cents per share in the third quarter of 2004.

Including special items, GM lost $1.6 billion in the July-September period, or $2.89 per share. Special items included a charge of $805 million for asset impairments in North America and Europe and restructuring charges of $56 million at GM Europe.

Total revenue was $47 billion for the quarter, up from $44.8 billion in 2004.

GM failed to meet Wall Street's expectations for a loss of 87 cents a share, according to Thomson Financial.

It was another difficult quarter for the world's largest automaker, which lost nearly $1.4 billion in the first half of the year.