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Driven by U.S. Demand, GM Nets $1.4 billion in Q3

Earnings before taxes hit record. But numbers could cause problems.

by on Oct.21, 2015

GM's Detroit headquarters, the Renaissance Center.

Surging demand in its home market helped General Motors deliver a strong third-quarter profit, offsetting the impact of weakening sales in China.

The largest of the Detroit automakers said Wednesday morning that it earned $1.4 billion in net income, or $0.84 a share. That compared with $1.4 billion, or $0.81 a share a year ago. On an EBIT, or earnings before interest and tax, basis GM had an adjusted profit of $3.1 billion, and an adjusted profit margin of 8.0% percent.

Breaking News!

The strong numbers could generate new interest on Wall Street, at least GM officials are hoping. The maker’s stock has languished in recent months, around the same price set during its November 2010 IPO. But there could be a downside. The strong third quarter could motivate bargainers for the United Auto Workers Union who are trying to hammer out a new four-year contract with GM.

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GM Revenue Up Slightly for Q4, Full Year

Maker paying profit sharing up $7,500 to hourly employees.

by on Feb.06, 2014

General Motors Co. (NYSE: GM) today reported 2013 calendar-year net income of $3.8 billion, or $2.38 per fully-diluted share.

While its revenue for the quarter and the year rose, General Motors reported its fourth-quarter earnings were flat and full-year earnings were down on a year-over-year basis due to special charges related to some of the company’s restructuring actions.

However, the company’s positive performance in North America buoyed its quarter and year and resulted in its eligible hourly employees expected to received profit sharing checks up to $7,500 each.

Performance Matters!

“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.” (more…)

GM Improves in Europe, China

Detroit-based maker raising investor expectations.

by on May.02, 2013

General Motors' Q1 performance generated interest in the Detroit-based automaker's stock.

General Motors narrowed its losses and boosted its margins in Europe despite watching its overall net income decline in the face of a sweeping changeover at the company’s truck plant there.

Improvements in Europe and China and the anticipation of better results in North America helped to boost interest in GM shares, even as the U.S. Treasury Department reduces the government’s stake in GM. The U.S. Treasury still owns 18% of GM’s shares so any rise in the price of the shares benefits American taxpayers.

Be in the Know!

“This was a solid quarter and we are much more of a formidable competitor now than we have been in more than a generation,” Chief Executive Dan Akerson said on a conference call. “We’re a very healthy company that’s getting stronger each quarter.”

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GM Earnings surge 60% to $7.6 Billion

But Q4 profits flatten as Europe flounders, Chinese sales soften.

by on Feb.16, 2012

GM CEO Dan Akerson: A strong performance during maker's first year after IPO.

Despite continuing losses in Europe and a drop in income from Asia, General Motors Co. reported a 60% increase in income for 2011, reporting it earned $7.6 billion, or $4.58 per share, up from $4.7

billion, or $2.89 share, in 2010.

But the maker saw earnings flatten out during the fourth quarter of the year.

Nonetheless, the strong upsurge for the full year means GM’s nearly 47,500 hourly employees in the U.S. will receive profit sharing check of up to $7,000 on profits generated in North America.

Your Trusted Source!

“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO.“We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world,” Akerson said.

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GM Small B-Car Developed. Plant Selection Lags

The company vows to announce the U.S. site by summer's end.

by on Jun.05, 2009

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The Pontiac G3 B-car is built in Mexico, and derived from a Korean-designed Daewoo platform.

General Motors Corporation is now committed to building a new small car in the U.S. sooner rather than later, following the intervention of the United Auto Workers and the U.S. Treasury, which persuaded, if that’s the right word, GM to build the car in the U.S. rather than China or South Korea.

However, it’s pretty clear that the new car will be based on the current B-car platform developed by Daewoo Automotive Technologies or DAT for worldwide distribution.

GM had hesitated bringing the subcompact car to the U.S. for fear it was too small for the U.S. market, but it had done the engineering required to meet U.S. safety regulations as gas prices spiked in the last couple of years.

GM, however, is now fully prepared to assemble the car in the U.S.    (more…)

General Motors U.S. Sales Plunge 34% in April

The "Total Confidence" plan is extended into May, as sales continue to languish.

by on May.01, 2009

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There was a glimmer, but just a glimmer of hope. Total sales were up 11% compared to March, as traditional spring selling season begins.

Declining sales continues to be the trend at General Motors in the United States, with sales off -34% in April. The company wholesaled 173,007 vehicles. GM total truck sales (including crossovers) of 102,032 were down 28% and car sales of 71,775 were off 41% compared with a year ago.

Year to date, GM sales have declined 45%, with cars, at -47%, leading the drop.

As a result of a continued weak market, GM’s 2009 second-quarter production forecast is set at 390,000 vehicles (172,000 cars and 218,000 trucks), which is down about 53% compared with a year ago, when GM North America built 834,000 vehicles (382,000 cars and 452,000 trucks) in the second-quarter of 2008. Virtually all of GM’s North American plants will be closed for this summer. 

There was a glimmer, but just a glimmer of hope. Total sales were up 11% compared to March, as traditional spring selling season begins. However the sales increase was largely attributed to an increase in fleet sales. GM’s car sales compared with March were up only 2,900 vehicles (4%), while truck sales increased more than 9,500 vehicles (16%), and crossover sales were up nearly 4,200 vehicles (14%).

Critics of GM, who say that it is too dependent on truck sales, apparently are not talking to buyers. And politicians and others who keep babbling on about the industry’s “green future” should also note the distinctive lack of customer greenbacks supporting hybrids. Only 1,534 hybrid vehicles were delivered in the month. This includes total sales from a wide range of GM hybrid products: the Chevrolet Malibu, Tahoe and Silverado, GMC Yukon and Sierra, Cadillac Escalade, Saturn Aura and Vue hybrids. So far, in 2009, GM has delivered 5,156 hybrid vehicles.

The company tried to put positive face on what remain disastrous results.

“From a retail standpoint, GM and the industry continued at about the same selling rate as February and March. We see that stabilization, along with a firming up of our fleet business and improvement in Silverado and Sierra sales, as an encouraging sign,” said Mark LaNeve, vice president, GM North America Vehicle Sales, Service and Marketing. (more…)