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P.M. BRIEFING : Profits Down at Top Auto Makers; GM Off 3.4%, Ford Drops 15.7%

<i> From Times wire services</i>

The nation’s two largest auto makers reported lower second-quarter earnings today, with Ford Motor Co. profits down 15.7% and General Motors Corp. off 3.4%.

Ford, the nation’s second-largest auto maker, said it made $1.4 billion, or $3 a share, during the quarter this year, compared to $1.66 billion, or $3.43 a share, in the same period of 1988.

GM said it earned $1.45 billion, or $2.23 a share, during the April-June period this year, compared to $1.51 billion, or $2.26 a share, during last year’s second quarter.

GM and Ford said incentives offered during the quarter put pressure on profits, but overseas operations continued to show good profitability.

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GM revenue, including its three large subsidiaries, rose 1.3% during the quarter to $33.6 billion from $33.18 billion last year. Ford’s quarterly revenue was $25.9 billion, up 3.7% from $24.96 in the same 1988 period.

Chrysler Corp., the nation’s third-largest auto maker, is to report earnings Monday.


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