General Motors has announced second quarter net income of US$1.2bn, or $0.75 per share. Special items reduced net income by $0.2bn, or $0.09 per share, the automaker noted. This was a $240m “loss on extinguishment of debt”, it said.
The EBIT loss for Europe was $100m versus $400m a year ago
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In the second quarter of 2012, net income was $1.5bn, or $0.90 per share.
Net income for the second quarter of 2013 included an increase in tax expense of $0.5bn, or $0.29 per share, compared to the second quarter of 2012.
Net revenue in the second quarter of 2013 was $39.1bn, compared to $37.6bn in Q2 2012. Earnings before interest and tax (EBIT) adjusted was $2.3bn, compared to $2.1bn in the second quarter of 2012.
“We continue to perform well in the world’s two most important markets, the US and China,” said chairman and CEO Dan Akerson.
“We also made further progress in our European business and saw the steady performance of our global brands Chevrolet and Cadillac. For the rest of the year, we’ll focus on winning customers with high-quality vehicles at a compelling value.”
Segment Results
- GM North America reported EBIT-adjusted of $2.0bn, compared with $1.9bn in the second quarter of 2012.
- GM Europe reported an EBIT-adjusted of $(0.1)bn, compared with $(0.4)bn.
- GM International Operations reported EBIT-adjusted of $0.2bn, compared with $0.6bn.
- GM South America reported EBIT-adjusted of $0.1bn, compared with break even.
- GM Financial earnings before tax was $0.3bn for the quarter, compared to $0.2bn.
