As the last of the Detroit automakers to check in with its first-quarter earnings in 2013, General Motors has announced that it saw a net income of $0.9 billion, which, according to Automotive News, is rounded up from $865 million, to go with Q1 revenue of $36.9 billion and a pre-tax profit of $1.8 billion. These numbers are all slightly lower than Q1 2012 in which GM posted a $1 billion net income, $37.8 billion in revenue and a pre-tax profit of $2.2 billion.

In North America, GM's pre-tax income was $1.4 billion (down from $1.6 billion last year), which, says AN, is being attributed to fullsize trucks with excessive rebates on existing models and idled plants retooling for the redesigned 2014 Chevrolet Silverado and GMC Sierra. GM Europe was the only division in which the automaker lost money with a pre-tax loss of $0.2 billion.

In comparing GM's Q1 earnings with its Detroit counterparts, Ford just posted a net income of $1.6 billion – and its highest quarterly pre-tax profit since 2000 – while Chrysler brought in $166 million. All three Detroit automakers posted a market share gain in the first quarter, which is an accomplishment that hasn't been achieved since Q1 1993. Scroll down below for the official announcement from GM.
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GM Reports First Quarter Net Income of $0.9 Billion

2013-05-02

-EPS of $0.58 including net loss from special items of $0.09 per share
-EBIT-adjusted of $1.8 billion


DETROIT – General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.9 billion, or $0.58 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 first quarter of 2012, GM's net income attributable to common stockholders was $1.0 billion, or $0.60 per fully diluted share, including a net loss from special items of $0.6 billion or $0.33 per share.

Net revenue in the first quarter of 2013 was $36.9 billion, compared to $37.8 billion in the first quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $1.8 billion, compared to $2.2 billion the first quarter of 2012. First quarter EBIT-adjusted results for 2013 include the impact of $0.1 billion in restructuring costs.

"The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world," said Dan Akerson, GM chairman and CEO. "In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka."

Segment Results

Beginning this quarter, the company will report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Financial results for Chevrolet Europe continue to be recorded in GM International Operations. Consolidated results are unaffected by this change.

-GM North America reported EBIT-adjusted of $1.4 billion, compared with $1.6 billion in the first quarter of 2012.
-GM Europe reported an EBIT-adjusted of $(0.2) billion, compared with $(0.3) billion in the first quarter of 2012.
-GM International Operations reported EBIT-adjusted of $0.5 billion, compared with $0.5 billion in the first quarter of 2012.
-GM South America broke even on an EBIT-adjusted basis, compared with EBIT-adjusted of $0.2 billion in the first quarter of 2012.
-GM Financial earnings before tax was $0.2 billion for the quarter, compared to $0.2 billion in the first quarter of 2012.


Cash Flow and Liquidity

For the quarter, automotive cash flow from operating activities was $0.5 billion and automotive free cash flow adjusted was $(1.3) billion. The change in year-over-year cash flow was primarily the result of lower earnings and a series of timing-related items that GM expects to reverse during the balance of the year.

GM ended the quarter with very strong total automotive liquidity of $35.3 billion. Automotive cash and marketable securities was $24.3 billion compared with $26.1 billion at year-end 2012.

"In the automotive business, outstanding product is what wins," said Dan Ammann, GM senior vice president and CFO. "With more than 40 new vehicle introductions this year globally, our focus will be on flawless launches of the vehicles that will drive results this year and into 2014."

# # #

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

Forward-Looking Statements

In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial's international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.


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    • 1 Second Ago
  • 42 Comments
      Avinash Machado
      • 1 Year Ago
      Hope they will be able to fix Opel.
      WINNER
      • 1 Year Ago
      I love how half-@ssed reporters only do part of their homework LOL. Dan Akerson told Automobile magazine in December that quarter 1 AND quarter 2 profits in 2013 will post lower because GM has done lots of restructuring preparing for the new Corvette, Silverado, Sierra, ATS and other models. Also GM has recently done a cosmetic upgrade on the Traverse, Acadia, Camaro and Enclave. Anyone with a brain knows that these things cost LOTS of money. Instead of GM digging into their pockets they took money directly from their profits and reinvested the money into better products.. Do your homework.. GM outsold Ford and Chrysler in the US. Ford did sell more than Chevy in the US (only) but as a company whole GM still outsold Ford. And is #2 in the world for vehicle sales.. Only one step behind Toyota.
      • 1 Year Ago
      [blocked]
        richard
        • 1 Year Ago
        Government Motors? Apparently, you didn`t get the memo that GM paid back the government, with interest. What are you, some kind of Oriental supporter? Take some pride in America, boy.
          Randy
          • 1 Year Ago
          @richard
          Apparently you believed it. http://www.fool.com/investing/general/2013/03/23/why-government-motors-still-owes-you.aspx
          bluemoonric
          • 1 Year Ago
          @richard
          The uninformed never cease to amaze me.
          protovici
          • 1 Year Ago
          @richard
          richard, you are 100000000000000000000% incorrect. GM's stock would need to be above $72 per share inorder to break even. Currently at $31.59. Soooo, that equals billions in money still owed.
          lithdoc
          • 1 Year Ago
          @richard
          The amount of potential tax revenue that would have been lost, and the expenditure of taking care of the newly unemployed, far exceeds your angry leftist media calculations. Go GM! Go Detroit!
          Thipps
          • 1 Year Ago
          @richard
          NO guys they paid back the "loans" he is correct. None of this should have happened to begin with, GM should have went into bankruptcy and restructored its loans on its own. what happend was, We the tax payers elected idiots and believe anything they say, so the bad debt that GM had that should have been liquidated was purchased at full price. Blame your representatives on this entire disaster.
          mikeybyte1
          • 1 Year Ago
          @richard
          They actually have not paid back all of what was borrowed. The government is selling off stocks at a loss. So in total we will not get back everything we invested. But to me, there was no other option. There were absolutely no banks or investors willing to step in to do a traditional bankruptcy. So anyone saying "let them go bankrupt" is clueless because it is a verifiable fact that it could not be done. Look it up. Letting GM fail, to me, was like the whole big bank "too big to fail" nightmare. The rippling effect to the job and housing market with that big of a loss would have done massive damage to the overall economy. So if you resent GM being so poorly mismanaged that we had to bail them out, then don't do business with them. Even if they are now producing competitive vehicles, simply hold that grudge forever. The same with recipients of the TARP funds. Stop banking with the too big to fail banks.
          icemilkcoffee
          • 1 Year Ago
          @richard
          People are getting all confused. GM DID pay back the loans. GM also went through bankruptcy. The US government did not break even because the stock prices are too low for that to happen. But that has nothing to do with the loans. That has to do with the stake that the government got as loan collateral, and bankruptcy settlement. Most creditors do not expect to recover 100% coming out of a bankruptcy. This is not anything unusual.
          rlog100
          • 1 Year Ago
          @richard
          There is no more fiscal obligation. Whether there is a moral obligation is different. And considering how Wallstreet works, I wouldn't expect anything further back unless someone can figure a way that also gives Wallstreet shareholders a short term benefit at the same time.
        mikeybyte1
        • 1 Year Ago
        Opening with "Government Motors" sets the stage right away for your take on all of this. If you are not in favor of government assistance with companies at financial risk, is it safe to assume you do not deal with any of the banks that were part of the Wall Street bailout program know as TARP? This includes basically every major bank in the country - Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, American Express, Discover, etc. The list is pretty long.
          mikeybyte1
          • 1 Year Ago
          @mikeybyte1
          @icmilk. You got it! Don't use anything with corn products due to government subsidies. Ditto gasoline in your cars. The list is endless.
          icemilkcoffee
          • 1 Year Ago
          @mikeybyte1
          Also- dont fly on any airlines. All of them were bailed out post 911. Dont use any Amtrak trains (or pretty much any trains) neither for the same reason. Dont use the internet neither. It was created by the government. Dont use GPS- it uses a government satellite network.
      Jason Krumvieda
      • 1 Year Ago
      They will stand to make higher profits in the coming years once manufacturing shifts to China.
        icemilkcoffee
        • 1 Year Ago
        @Jason Krumvieda
        They ALREADY produce lots of cars in China, for the China market, no different from Ford, Chrysler, VA, Toyota, BMW, Benz, and pretty much every major car company that sells in China.
        mbukukanyau
        • 1 Year Ago
        @Jason Krumvieda
        Says who?
          Randy
          • 1 Year Ago
          @mbukukanyau
          Jason Krumvieda of course!
          steve
          • 1 Year Ago
          @mbukukanyau
          The voices that Jason Krumvieda hears in his head when he is wearing his tin foil hat.
      • 1 Year Ago
      [blocked]
      • 1 Year Ago
      [blocked]
      mbukukanyau
      • 1 Year Ago
      GM has moved on from quaterly results focus. They Are concentrating on building a sound long term business. I saw the New Impala LTZ with its 20 inch wheels on the freeway, its impressive, it made the 2012 BMW 7 series next to it look pathetic. I have no doubt, this company is going to be world biggest, slowly but surely if they keep putting out compelling products like that. Day traders, nothing to see here, move along
        icemilkcoffee
        • 1 Year Ago
        @mbukukanyau
        I like the new Impala, but let\'s not get carried away here.
        xxmixedxtapexx
        • 1 Year Ago
        @mbukukanyau
        And yet I haven't heard of BMW or Mercedes owners raving about the Impala. Wake up, if you're going to compare a GM vehicle to a BMW, at least talk about Cadillac. This just makes you look like some arrogant lunatic that works for GM. This would be like me saying my Fusion makes a BMW 5 series look pathetic, and while the new Fusion is way more upscale in style than it used to be, it does not have the more expensive materials of the BMW, which is the same situation as the Impala. That being said, I do like the way the Impala looks. I haven't driven it so I can't speak for that but it does look worlds better than the old grandpa car it used to be. But no offense if you told me to pick one for free I'd still pick the 7-series
        ngiotta
        • 1 Year Ago
        @mbukukanyau
        Day traders aren't looking here... they're busy buying Ford stock right now.
          protovici
          • 1 Year Ago
          @ngiotta
          Ford's posted the largest profit ever in their company. If they get their LTD in check they will be better in the long term.
          mbukukanyau
          • 1 Year Ago
          @ngiotta
          good, Ford is not a long term stock.
        Luis A. Martinez
        • 1 Year Ago
        @mbukukanyau
        You are funny,just because of the wheels the car look great? Visit a BMW dealer,open doors,seat in,check how the dealer treat you ,I don't see any BMW 7 owner buying a Chevy Impala at all not even driving one only when is a loaner from service........even the cheapest BMW the X1 can't compare to a re-body old Opel Insignia with fluffy side panels and price like and upscale car,even the Ford Mondeo/Fusion got more class on the road and is way cheaper
        m_2012
        • 1 Year Ago
        @mbukukanyau
        Really? New Impala?? Get your eyes checked. Some dubs on that pile still makes it a pile.
      Ricky
      • 1 Year Ago
      That's right, get the Union out of your business then you will be making $$$.
      Sir Duke
      • 1 Year Ago
      You people are funny. Starting from the beginning of 2012 GM had no fewer than 19 new models in the works. Most of their models are due for replacement. Corvette - Old Silverado, Sierra, Tahoe, Suburban Escalade - Old Impala - Old as hell New products in the pipeline or not yet on sale: CTS, Impala, Cruze, SS, Escalade, Caddy flagship, Camaro, ATS Coupe etc.etc. Retooling that many plants for new models plus the cost of development, these numbers are understandable. GM still has a lot to sort out, at least they're losing money in the process.
        The_Zachalope
        • 1 Year Ago
        @Sir Duke
        News flash for you: It's 2013. We just saw the unveiling of a new Corvette which will be hitting lots in Q3. A new Silverado/Sierra which should be hitting lots any time now. The new Impala has been on sale for a month. If anything, GM needs to seriously focus on the Escalade, Suburban, Tahoe, and Camaro (and I'm not talking about refreshes) all of which have 6-7 year old designs. And by they way, earning $865M is not a loss... that's a gain.
          montoym
          • 1 Year Ago
          @The_Zachalope
          The Escalade, Suburban, Tahoe, etc. are based on GM's full-size truck platform which was just redesigned for the new pickups. So, there are new versions of those vehicles on their way as well. Did you miss these stories? http://www.autoblog.com/2012/10/31/gms-reuss-next-cadillac-escalade-to-be-much-less-ostentatious/ http://www.autoblog.com/2013/04/19/is-this-the-2014-15-cadillac-escalade/ As far as the Camaro, it debuted in '09 as a 2010 model and we're now in 2013, which is 4 model years, not 6-7 as you stated. Considering that the next Camaro is to be built on the Alpha platform that underpins the new ATS which is already on sale, you can be sure that a new Camaro isn't too far behind. Sources claim that we'll be seeing a new Camaro around 2015.
      • 1 Year Ago
      [blocked]
      Mr. BaderĀ®
      • 1 Year Ago
      GM keep building great cars and the profits will be sky high
      Rob
      • 1 Year Ago
      It was bound to happen sooner or later.
    • Load More Comments
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