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Last updated: April 24. 2014 7:35AM - 275 Views
Associated Press



FILE - This April 1, 2014 file photo shows the ignition switch of a 2005 Chevrolet Cobalt in Alexandria, Va. General Motors reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Molly Riley)
FILE - This April 1, 2014 file photo shows the ignition switch of a 2005 Chevrolet Cobalt in Alexandria, Va. General Motors reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Molly Riley)
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(AP) General Motors says first-quarter profit fell 86 percent as a series of recalls dragged down its earnings.


GM had a net profit of $125 million, the company's worst quarterly performance since it posted a net loss after leaving bankruptcy protection in 2009.


The Detroit automaker says it took a $1.3 billion charge for recalling about 7 million vehicles worldwide. The company also incurred $300 million in restructuring costs, mostly in Europe. And it took a $419 million charge due to a change in the way it values Venezuela's currency.


GM made 6 cents per share, down from 58 cents per share a year ago.


Excluding one-time items, GM made 29 cents per share, far above Wall Street estimates of 3 cents per share.


Associated Press
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