Ford isn't the only American automaker that's in the money. General Motors has just reported a second quarter income of $1.2 billion, although that number actually represents a year-to-year drop compared to Q2 2012. This drop can be chalked up to the expense behind launching a new line of full-size pickup trucks (the 2014 GMC Sierra and Chevrolet Silverado), as well as the acquisition of GM Korea. Aside from those one-time costs, GM reported a seven-percent increase in income before interest and taxes, to $2.3 billion.

Like Ford, GM also trimmed its European losses, but by a larger margin - where Ford's losses were $58 million lower for Q2, GM slashed $284 million over the second quarter of 2012 (the equivalent of $71 million per quarter). GM's North American success, like Ford's, can be tied largely to strong demand for pickups. Even with the changeover from the old Sierra and Silverado to the new models, Automotive News reports that full-size truck profits actually increased by five percent versus 2012. According to AN, this is GM's fourteenth straight quarter in the black since its bankruptcy in 2009.

For all the numerical details, check out GM's official press release by scrolling below.
Show full PR text

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."

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."


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    • 1 Second Ago
  • 54 Comments
      Avinash Machado
      • 1 Year Ago
      Good to see the domestics doing so well.
      • 1 Year Ago
      [blocked]
      • 1 Year Ago
      [blocked]
        • 1 Year Ago
        [blocked]
        • 1 Year Ago
        [blocked]
        caddy-v
        • 1 Year Ago
        You've become as obnoxious as Anthony Weiner.
        riserburn99andre
        • 1 Year Ago
        Winner winner chicken dinner! You can always count on this dbag to say something unimpressive and astonishingly ignorant. the ichor that must stain this ones mouth with the hate. I wonder if Bill Mitchell was his cousin or something...
      Tweaker
      • 1 Year Ago
      But we would have all been so much better off to let them die and have the Chinese pick up the leftovers. /sarcasm
        Val
        • 1 Year Ago
        @Tweaker
        Should we also look at Jaguar Land Rover and Volvo, which actually made profits once they were free from their incompetent american leadership? The chinese will snap GM even cheaper next time they go bankrupt, don't worry about that.
          riserburn99andre
          • 1 Year Ago
          @Val
          Laser's alt?
          Val
          • 1 Year Ago
          @Val
          Almost forgot about chrysler! Do you also think that the second FIAT buys the remaining shares, they will just close shop and fire everyone? Didn't chrysler rehire a bunch of people? Didn't FIAT invest money in retoooling plants, and bring V6 diesels to the Jeep and Ram brands? Why bother, if their evil plan from the very beginning is to move all the production to mexico and china the second they get tha full ownership?
        knightrider_6
        • 1 Year Ago
        @Tweaker
        LOL. Just look at Saab and the billions of dollars of profits it generated last quarter. /s
        WHO
        • 1 Year Ago
        @Tweaker
        Tweaker, Guess what's happening, the Chinese are buying them up anyway. And GM is doing most of their investments IN CHINA.
      • 1 Year Ago
      [blocked]
        knightrider_6
        • 1 Year Ago
        Don't worry, Reagonomics says that the 25 cents will trickle down to you. Just give it another fifty years.
          • 1 Year Ago
          @knightrider_6
          [blocked]
          The Wasp
          • 1 Year Ago
          @knightrider_6
          I can feel it trickling down already!!!
          the.fog
          • 1 Year Ago
          @knightrider_6
          Priceless!!
        v6sonoma
        • 1 Year Ago
        You get your share through not having to pay the unemployment of the 100's of thousands of workers who would have lost their jobs and would have collected as long as they could because they would never have found a job in the economy that would have been in even worse shape then the one we ended up with. Also we would have lost the tax revenue that those workers are contributing to which would have increased the burden that you are already paying. People love to make statements without using their brains. Like GM or not. Hate Bush or Obama for keeping them alive or not. It was the right decision to make and in the long run the benefits far outweighed the potentially disastrous consequences of allowing them all to fail.
          • 1 Year Ago
          @v6sonoma
          [blocked]
          The Wasp
          • 1 Year Ago
          @v6sonoma
          @See_YouR_Chin -- yeah, because all those people laid off from GM would go out and buy a new Toyota right away, right? The failure of one company would not lead to a net increase in sales. If anything, it could have led other competitors to become even more conservative and less innovative. Fortunately, that doesn't seem to have happened.
          Val
          • 1 Year Ago
          @v6sonoma
          All the people hired by toyota and hyundai in the USA would go and immediately buy a toyota or a huyndai. So yeah. It may not lead to a net increase in sales, but sales would certainly remain at the same level. Also, when Ford bought volvo, aston martin and jaguar 20 years ago, why didn't they immediately ship all the manufacturing abroad? How is it OK for Ford and GM to acquire intellectual property through acquisitions (GM bought Opel for their superior mass-market manufacturing at the time), but god forbid somebody buys american IP. Oh, and I guess the second Daimler and Volvo trucks bought freighliner, mack, western star etc, they immediately shipped the jobs abroad and left empty factories behind, NOT!
        icon149
        • 1 Year Ago
        if the government wasn't in such a hurry to divest their stake in GM, then there is a pretty good chance they actually could have broken even. but since they insisted on divesting before the economy turned around and before GM's product line overhaul was complete the break even point keeps climbing for the remaining shares. It's all the dimmwitts complaining about government motors and pressuring the gov to get out of GM that is ensuring that US gov takes a loss. But yeah, grow up you are dumb. Had GM been dismantled and sold to Russia, China and India you could happily to know that even more american jobs went over seas along with all of the IP and tech that keeps jobs here.
          Val
          • 1 Year Ago
          @icon149
          So there is NO capital left in america to buy the factories? Funny, thought that was a 15 trillion dollar economy.
          riserburn99andre
          • 1 Year Ago
          @icon149
          Are you that obtuse Val? The US economy has a lot of upside compared to the failure that is the EU and most other countries. The US ALWAYS paid its debt. It may not happen soon but the US has, over its close to 250 year history, paid all of its debt. The US enjoys it's own currency. How many EU countries with bad economic value i.e. Greece, Italy and Spain, can weather a world recession as well as the US has? Debt can also be a good thing too. The US also has other countries that are willing to bridge loans and the good will that previously was given by the US loaning to those countries is actually remarkably strong. Ever heard of the Marshal Plan?
          Val
          • 1 Year Ago
          @icon149
          Oh, btw, greece could also say they have always paid their debts in 2500 years of history... until they couldn't anymore. Same for italy or spain.
          Val
          • 1 Year Ago
          @icon149
          Don't try and show me the bubble economy that is the housing market and stock prices, entirely fueled by the FED, as an example of an "upside". The marshall plan was not a good will loan, it was the only way the US saw to ever get its wartime loans back from the european countries. The US hasn't weathered the world recession it caused in the first place, it kicked the can down the road, this fake recovery will soon come to an end, whether the fed wants it or not. There are only 2 ways out, either defaulting, and not paying the debt, or printing money to pay. And paying the debt in worthless toilet paper is not the same as paying in inflation adjusted dollars. Call me when the US pays its current debt, don't quote what 250 years of history shows. For the last 60 years the US has only piled on top of its debt. You cannot say that when the debt is increasing every year, that the US pays its debt. The UK has its own printing press, I don't see them doing much better than france or spain, or ireland. They are also living on borrowed time, but the credit bubble there was not as inflated as in spain or ireland, and they don't have the bloated public sector of greece.
        • 1 Year Ago
        [blocked]
      Skicat
      • 1 Year Ago
      Excellent for GM. So maybe they can buy back some Gov.Mtrs. stock at $95.45 and the taxpayer can get something back on their investment.
      m_2012
      • 1 Year Ago
      Good, now time to buy back the remaining stocks at about $200 a share so we can get some of our money back. No reason they need to make record profits every quarter. Start spending it, hiring workers that you laid off, and start paying taxes.
        Walt
        • 1 Year Ago
        @m_2012
        There is never an obligation on the part of any company to repurchase common stock. Common stock is an equity investment - you're part owner, as opposed to a bond, note or debenture where you are simply loaning a company money for a certain length of time and repayment is required on the part of the company in order to avoid being in default on the loan.
          m_2012
          • 1 Year Ago
          @Walt
          They received free money in a record bailout caused by gross mismanagement, greed, and waste. They want people to buy their 2nd biggest purchase of their lives. GM screwed people once by poisoning a great company, twice by holding their hands out but a third time will not fair well. People will not forget. Why should a company be allowed to rake in record profits while still owing record amounts. This is exactly why Tesla paid off their loan before posting a profit. You dont go around flaunting other peoples' money.
          Walt
          • 1 Year Ago
          @Walt
          Again, for those that have issues understanding financial terms, General Motors does not owe the government or the taxpayers anything. And it was the government, not GM, that structured the bailout by taking mainly equity in the new company (common stock) rather than making the entire deal a loan to GM that would have required repayment. Articles like this that make the impressionable believe that there is somehow an amount owed by GM to taxpayers are wrong and they are simply trying to perpetuate a myth. Now, if you don't like how the government structured the deal - then vote. But you can't blame GM for the lack of financial acumen on the part of our government.
          • 1 Year Ago
          @Walt
          [blocked]
          WHO
          • 1 Year Ago
          @Walt
          awwww......let me guess, yonomo is another butthurt UAW troll. Deflect,,,,,deflect.......look the other way people
      NAIF S
      • 1 Year Ago
      As GM is again making money they need to do the right thing. That would be to start paying back to the taxpayers the money they got for the bail-out. Including all the tax break monies. Why? It is the right thing to do.
      djrroar1
      • 1 Year Ago
      Ford got lucky, borrowed money when they could , before all the banks stopped borrowing money to anyone. I remember many financial analyist raking Ford over the coals when they borrowed the money, most thought it was a stupid idea and would ruin the company, only thing that saved them. If they had not borrowed the money when they could they would have been in the same shape as GM and Chrysler. Better to be lucky than good.
        • 1 Year Ago
        @djrroar1
        [blocked]
      WHO
      • 1 Year Ago
      When will Government Motors be required to start paying taxes? Sweet deal Obammy gave his Union Thugs.
      ebn.hahn
      • 1 Year Ago
      This sounds lot Like the "OLD" GM, I do not trust these numbers!!. Some how I feel they are padding these numbers slightly just to make it look like they are doing good. Why I say that, because GM had a history of doing that. They announce with big headline that they made a profit, then two weeks later with no fan fare they announce that they had a slight " accounting error" and they didnt make as much. They consistantly did that before the bottom fell off and they evatually went bankrupt......
      Terry Actill
      • 1 Year Ago
      I know it's neither here nor there, but I think I love the new Lincoln MKZ and I really hated it before. Change is good.
    • Load More Comments
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