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Posts Tagged ‘General Motors results’

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.


GM Q2 Results Tomorrow. IPO Filing Friday?

Look for significantly improved profits, as production is way up, costs slashed. Only problem is Opel's bleeding in Europe.

by on Aug.11, 2010

No one is happy with taxpayer ownership of GM.

General Motors Company is due to release Q2 results tomorrow morning that some analysts predict will be a significant improvement on its Q1 performance.

Some of the speculation was prompted by GM CEO Ed Whitacre, who recently said that the privately held company would post impressive results in Q2, implying it would far surpass a profit of $865 million in Q1.

A blowout quarter is the next step in building a story for potential buyers of new GM stock when the reorganized company goes public, a goal that all senior executives are focused on, with considerable pressure from the Obama Administration. Facing increasing Republican criticism of government spending, the Administration wants to put the politically unpopular taxpayer funded auto bailouts behind it before the midterm Congressional elections this fall.

Government Motors, as GM is derisively known in conservative circles, is also a huge marketing negative for a company that has been losing share for decades.

An IPO will require an Securities and Exchange Commission filing that could come as soon as Friday, says Joe Phillippi of the AutoTrends consultancy.


General Motors’ March Sales Up 21%

For first time, GM’s incentives below industry average.

by on Apr.01, 2010

Dealers for General Motors delivered 189,000 vehicles during March of 2010, up 21% from March of 2009. Total combined sales for GM’s Chevrolet, Buick, GMC and Cadillac brands in the U.S. were 185,406, up 34% from February.

Combined Total and Retail sales for Chevrolet, Buick, GMC and Cadillac have increased year-over-year for six straight months. Inventory is half of what it was a year ago, and 94% of it is  comprised of current models, a much healthier level than at any time in the recent past.

In a more important development for taxpayer owners, GM’s incentive costs dropped below the industry average for the first time in history according to J.D. Power figures. GM spent on average $2800 for incentives this March, down $2,000 from March of 2009 when it was insolvent and its future was in doubt. Six new relatively hot products contributed significantly to this improvement.

The average transaction price for the four brands is up $4,200 year-over-year, and according to Susan Docherty, vice president of marketing, is $4,000 higher than an unspecified industry average.

It is too early to tell if GM was able to increase its market share, an important indicator of its ability to grow, which is key to its ability to return to profitability and pay off its taxpayer loans.

Chart follows. (more…)

GM February Sales Up 32% in Total.

Combined Chevy, Buick, GMC and Cadillac Retail Sales Up 7%.

by on Mar.02, 2010

GM's challenge remains a delicate balance among incentives, share and - eventually - profits.

Chevrolet, Buick, GMC and Cadillac dealers the U.S. reported sales of 138,849, up a combined 32% compared to February 2009. General Motors Company attributed the moderately positive results by the continued strong growth of new GM crossovers and passenger cars.

Retail sales for GM’s four brands were up 7% percent for the month, attributed to strong consumer demand for GM’s crossovers.

February retail sales of GM’s newest crossovers – Chevrolet Equinox, GMC Terrain and Cadillac SRX – were up 198% compared to the vehicles they replaced.

This was the seventh month in a row that retail sales of these vehicles were up more than 100%. However it wasn’t enough to keep GM in the number one sales spot in the U.S. market as a surging Ford Motor Company edged it out of first place.

However, retail sales of all eight brands, when compared with last February, were down 9%. There are millions of owners from the canceled Pontiac, Saturn, Hummer and Saab brands, and it is not clear that GM is capable of winning them back.

The large increase in fleet sales (+32%) also works counter to a long standing GM weakness – residual values of its vehicles, which increase the cost of ownership,  that executives are attempting to address.