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GM Earnings Drop 14 Percent

Detroit-based maker earned $865 million in Q1.

by on May.02, 2013

GM reported net income of $865 million on sales of vehicles like the 2013 Impala.

General Motors Co. reported its net income dropped 14% in the first quarter as special items ate into the company’s net income.

GM said first quarter net income attributable to common stockholders of $865 million, or 58 cents 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.

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In the first quarter of 2012, GM’s net income attributable to common stockholders was $1 billion, or 60 cents per share, including a net loss from special items of $0.6 billion or 33 cents 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.

Despite the decline, Dan Akerson, GM’s chief executive officer said GM was in a solid position.

(Click Here to read about April’s increased U.S. auto sales.)

“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 Akerson. “In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka.”

(Chevy is hoping the new Impala will make a big impact, Click Here to read more.)

GM North America reported EBIT-adjusted of $1.4 billion, compared with $1.6 billion in the first quarter of 2012, while GM Europe finished the quarter in the red with an EBIT-adjusted of $200 million loss, compared with a loss of $300 million in the first quarter of 2012.

GM International Operations, which includes China, reported EBIT-adjusted of $500 million, compared with $0.5 billion in the first quarter of 2012.

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