CORRECTED-GM profit beats on strong U.S. demand, smaller loss in Europe
(Corrects net income in 2nd paragraph to $1.2 billion, not billion million, vs $1.5 billion, not million)
DETROIT, July 25 (Reuters) - General Motors Co on Thursday posted a stronger-than-expected quarterly profit on strong demand in North America and cost-cutting in its struggling European business.
Net income in the second quarter fell to $1.2 billion, or 75 cents a share, from $1.5 billion, or 90 cents a share, a year earlier.
Excluding one-time items mostly related to the acquisition of preferred shares in GM Korea, the U.S. automaker earned 84 cents a share. That was 9 cents above what analysts polled by Thomson Reuters I/B/E/S had expected.