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

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.  
Show the press release
GM Reports Second Quarter Net Income of $1.2 Billion


·        EPS of $0.75 including net loss from special items of $0.09 per share  
·        EBIT-adjusted of $2.3 billion

DETROIT – General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.2 billion, or $0.75 per fully diluted share.  These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.

In the second quarter of 2012, GM’s net income attributable to common stockholders was $1.5 billion, or $0.90 per fully diluted share.

Net income for the second quarter of 2013 included an increase in tax expense of $0.5 billion, or $0.29 per fully diluted share, compared to the second quarter of 2012.

Net revenue in the second quarter of 2013 was $39.1 billion, compared to $37.6 billion in the second quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.3 billion, compared to $2.1 billion in the second quarter of 2012.

"We continue to perform well in the world's two most important markets, the U.S. and China," said Dan Akerson, GM chairman and CEO. "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."  

GM Results Overview (in billions except for per share amounts)

  Q2 2013
Q2 2012
Revenue     $39.1
     $37.6  
Net income attributable to common stockholders       $1.2
      $1.5
Earnings per share (EPS) fully diluted     $0.75
$0.90                  
Impact of special items on EPS fully diluted    $(0.09)
-
   
EBIT-adjusted       $2.3
 $2.1  
   
Automotive net cash flow from operating activities     $4.5
$3.8  
Adjusted automotive free cash flow     $2.6
$1.7  




Segment Results

·        GM North America reported EBIT-adjusted of $2.0 billion, compared with $1.9 billion in the second quarter of 2012.

·        GM Europe reported an EBIT-adjusted of $(0.1) billion, compared with $(0.4) billion in the second quarter of 2012.  

·        GM International Operations reported EBIT-adjusted of $0.2 billion, compared with $0.6 billion in the second quarter of 2012.  

·        GM South America reported EBIT-adjusted of $0.1 billion, compared with EBIT-adjusted of $0.0 billion in the second quarter of 2012.  

·        GM Financial earnings before tax was $0.3 billion for the quarter, compared to $0.2 billion in the second quarter of 2012.  

Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $4.5 billion and automotive free cash flow adjusted was $2.6 billion. GM ended the quarter with very strong total automotive liquidity of $34.8 billion.  Automotive cash and marketable securities was $24.2 billion compared with $24.3 billion for the first quarter of 2013.

“Our results in this quarter were clearly pegged to winning vehicles like the Cadillac ATS, Chevrolet Impala and Opel Mokka,” said Dan Ammann, GM executive vice president and CFO. “We will continue to address our business challenges head-on, execute flawless launches of our future products and most importantly, satisfy our customers.”

Original source: GM

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