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UAW Makes Note of GM’s Improved Profitability

Union looking for its share of the money during talks.

by on Jul.24, 2015

Everyone was all smiles at the opening of talks, UAW's Cindy Estrada noted GM's better-than-expected Q2 profits: a reminder the union is looking for raises.

Ever since General Motors went bankrupt in 2009, GM and the United Auto Workers have made a concerted effort to make nice.

The company and the union have put aside the years of antagonistic relations and built a new relationship. GM Chief Executive Mary Barra, whose father was a union member for years, has clearly stated that she values good relations with the UAW.

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Cathy Clegg, GM’s vice president of labor relations, has credited the union with helping to boost the quality of GM’s vehicles and the company has made several announcements during the winter and spring that highlighted the company’s commitment to investing in American jobs and American workers. (more…)

GM Falls Short of Q1 Analyst Expectations

Maker takes $500 million in special charges related to Russia, victims fund.

by on Apr.23, 2015

GM reported earnings that were lower than expected in the first quarter of this year.

General Motors reported lower than expected first-quarter adjusted earnings of 86 cents per share on revenue of $35.7 billion.

The Detroit-based automaker was expected by analysts to report earnings of 97 cents per share and revenue of $37.6 billion.

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The results were impacted by $050 million in special charges taken by the automaker related to shutting down its business in Russia and the company’s victims compensation program. They amounted to 30 cents per share. (more…)

Market Share, Margins Expected to Rise, GM Takes Another Step Towards Fully Restoring Dividend

Company declares dividend while CFO says new vehicles will drive up profits.

by on Jan.15, 2013

GM Chief Financial Officer Dan Ammann said the company expects profits to increase because of its new products.

This story has been revised to reflect an earlier GM preferred stock dividend payment.

General Motors will pay a dividend on its preferred stock, it announced Tuesday afternoon. The decision appears to have been backed up by GM’s anticipation of its 12th quarterly profit in a row – as well as the expectation that the maker will be able to drive up sales, margins and profits in the coming year.

The news comes less than a week after Ford Motor Co. revealed plans to double its own dividend on common stock.

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“Our portfolio of new, world-class vehicles puts us on a strong footing to grow profitably,” said Dan Ammann, GM senior vice president and chief financial officer, who addressed an industry conference in Detroit as the announcement of the new dividend payment was released.


GM Earnings Surge to $3.2 Billion

One-time earnings help GM push past rival Ford in Q1.

by on May.05, 2011

GM is "on plan," says CEO Dan Akerson.

With its bottom line boosted by one-time gains from asset sales, General Motors Co. more than tripled first-quarter earnings, posting a $3.2 billion, $1.77 a share, profit as the revenue from its global business grew by 15%.

“We are on plan,” said Dan Akerson, chairman and CEO.

“GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth,” Akerson said in a statement Thursday.

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However, GM’s financial statement also showed that the company’s struggling European operations remained in the red and profits from the company’s European and South American operation declined in the first quarter of 2011.

The first quarter figures reflect GM’s controversial decision to heavily increase its incentive spending in the United States.  Though costly, the move appeared to pay off, boosting home market sales by 26%, to 592,545 cars, trucks and crossovers during the period.