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Posts Tagged ‘gm second quarter earnings’

GM Beats Q2 Forecast with Nearly $1.2 Bil Net Income

EBIT-adjusted earnings are best for any quarter since 2009 bankruptcy.

by on Jul.23, 2015

General Motors CEO Mary Barra remains upbeat about the coming months despite problems in China.

Despite being hit with a $1.1 billion special charge, General Motors managed to deliver a second-quarter profit of nearly $1.2 billion, or $0.67 a share – its biggest three-month profit since emerging from bankruptcy in July 2009 – with strong demand for its North American trucks helping fuel the strong performance.

Factoring in one-time charges equal to $0.62 a share, GM handily outperformed the Wall Street consensus forecast of $1.08 per share. And the second-quarter numbers compared with the modest $190 million, or $0.11, GM reported for the April-June 2014 numbers.

We Earn Your Trust!

“The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market,” GM CEO Mary Barra said in a statement. “We said our goal was to improve our earnings and margins this year, and we are on plan.

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GM Earnings Crushed by Recall Costs

"Nevertheless, we remained profitable," said CEO Barra.

by on Jul.24, 2014

Earnings on new full-size models, such as this 2015 Chevy Tahoe, should boost GM's earnings going forward, analysts forecast.

The fallout from the ignition switch recall and other safety-related problems cut deeply into General Motors’ profitability for the second quarter, the maker reported.

Net income for the March to June period tumbled to just $200 million, or 11 cents per share, compared to a $1.2 billion net for the second quarter of 2013. The GM balance sheet was hammered during the latest period by one-time costs, most of them related to ongoing recalls, as well as for setting up a new victims’ compensation fund. Earnings before the recall-related charges would have been 58 cents a share.

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Beyond the Numbers!

“The ignition switch put tremendous pressure on our earnings,” GM chief executive officer Mary Barray told analysts and reporters. “But nevertheless we remained profitable.”

Barra also said the sweeping recalls, which so far this year cover 29 million units, have not deterred GM from pushing ahead with its effort to improve its competitive position around the world.

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