General Motors recently announced its best third-quarter unit sales since 1980 with over 2.4 million vehicles sold globally. Now, the automaker has put out the financial portion of its Q3 results, and as the previous figures suggested, GM did very well for the quarter. It even beat analysts' predictions.
Given General Motors' steady stream of recalls this year (including a single day with around 8.4 million vehicles needing repair), it's not a huge surprise that the cost to deal with all of the problems will be high. However, few analysts expected the tab to be this steep. In the General's just-announced second-quarter financial filing, it revealed that net income for the quarter was just $200 million, compared to 1.2 billion in Q2 2013 – a drop of over 80 percent. To put this in proper pe
General Motors' recall woes in the first quarter of 2014 has had a major effect on the company's bottom line. In its Q1 financial report, the business announced that it spent $1.3 billion on "recall-related repairs" in the first three months of the year.
General Motors has released its earnings for the fourth quarter, and the news is mostly good. Net income was $913 million, up two percent from $892 million recorded during the same period in 2012. Earnings for the entire year ended up still positive at $3.77 billion, but that figure is down 22.4 percent from the $4.9 billion earned in 2012 and the earnings ended up being lower than Wall Street expectations, the AP reports. Nevertheless, the positive cash flow marks the fourth consecutive year an
With the third quarter of 2013 wrapping up, General Motors has published its quarterly earnings, announcing a net income of $700 million, a significant drop from Q3 2012's $1.5 billion in net income. The drop is being blamed on a $900 million loss from "special items," $800 million of which was part of a 120-million share repurchase of preferred stock. GM also lost $500 million on tax expenses.
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.
Lower losses in Europe and a new pickup truck improve outlook
General Motors' net income fell 14-percent in the first quarter, weighed down by losses in Europe and weaker earnings in North America. But its performance was better than many analysts expected, so shares were trading higher on Thursday.
General Motors reported its third-quarter earnings today, and while revenues were up in the three-month period, overall profits were down 14 percent compared to last year. GM's Q3 net revenue was $37.6 billion (almost $1 billion more than 2011), but its net income was $1.5 billion, down from $1.7 billion last year. This is the opposite trend from Chrysler and Ford, which were both up considerably.
New Chevys and Cadillacs well received by car buyers
General Motors took a hit to third quarter earnings compared with last year due to European struggles, but handily beat Wall Street forecasts thank to strong demand for its vehicles in the U.S. and better profit margins.
General Motors is having a hard time nailing down its European operations. The automaker reported its first-quarter earnings slid by $1 billion, down from $3.2 billion in the first quarter of last year. The drop was partially attributable to a one-time loss that included changes in accounting for the automaker's European pensions.
General Motors has just announced the company's financial results for the first quarter of 2011. The automaker pulled in a net income of $3.2 billion, marking the fifth-consecutive profitable quarter for the largest of the Big Three. Compared to one year ago, GM saw revenue increase by $4.7 billion to $36.2 billion. Additionally, GM says that net income attributable to common shareholders increased by $1.9 billion thanks to the sale of its stake in Delphi Automotive and Ally Financial, though th
General Motors has officially announced earnings for its first full year of business after its emergence from bankruptcy. The automaker brought in $135.6 billion in revenue with a net income of $4.7 billion, which marks GM's first profit since 2004. Additionally, that profit was the largest for The General since 1999. Previously, GM had racked up $100 billion in losses.
General Motors posted its last financial report before the company's initial public offering of stock next week. In it, the company reported that in the third quarter of 2010, it earned a net income of $1.96 billion on a total of $34.06 billion in revenue. That puts the automaker's 2010 figures at $4.16 billion of net income on $98.17 billion in revenue, though GM does say that it expects earnings to fall in the fourth quarter thanks to costs associated with developing new vehicles and launching
General Motors and Chrysler LLC will lead automakers to "gushing profits" when annual U.S. sales reach 15 million vehicles, said Steven Rattner, the former head of the federal government's auto task force, on Bloomberg TV last Friday.
General Motors reported its second straight quarter of profitability this morning, something it hasn't done in many years. In fact, the first half of 2010 has been the automaker's best since 2004. In the April–June quarter, GM earned net profits of $1.3 billion on revenues of $33.2 billion. That works out to a fairly healthy $2.55 per share in earnings and follows up the first quarter nicely when the company earned $31.5 billion in revenue and $865 million in net profit. GM also managed to
General Motors, which hasn't been allowed to forget its recent financial propping up by all of us, is apparently still worth more than Ford Motor Company. That's a dubious fact that sticks in the craw of Detroit Free Press columnist Tom Walsh. Ford, you'll recall, preemptively mortgaged itself up to, and including its dental fillings to avoid the fate that befell GM and Chrysler. What's not computing for Walsh is that despite clearer financial leadership, Ford is still worth less according to th
General Motors reported its first quarter earnings today, and the beleaguered U.S. automaker posted a $6 billion net loss compared to a net loss of $3.3 billion one year ago. At the same time, GM burned through $10.2 billion in cash during Q1, though still has $11.6 billion in cash reserves on hand thanks in large part to the $13.4 billion in loans that it's accepted from the U.S. government so far. Revenue was down in each of GM's regional operations, including North America, Europe, China and
General Motors has just released its annual earnings report, and the news isn't pretty either for the year that was or the fourth quarter of 2008. GM burnt through $5.9 billion during the last few months of the year, which brought the grand total of cash on fire to $19.2 billion in 2008. So far the automaker has received $13.4 billion in federal loans, i.e. our tax money, but we'll just assume none of those bills have been burnt yet. Of course, the U.S. recession and its effect on the global eco