GM Reports Second Quarter Net Income of $1.2 Billion
EPS of $0.75 including net loss from special items of $0.09 per share
EBIT-adjusted of $2.3 billion
DETROIT General Motors Co. (NYSE: GM) today announced second quarter
net income attributable to common stockholders of $1.2 billion, or
$0.75 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.
In the second quarter of 2012, GM's net income attributable to common
stockholders was $1.5 billion, or $0.90 per fully diluted share.
Net income for the second quarter of 2013 included an increase in tax
expense of $0.5 billion, or $0.29 per fully diluted share, compared to
the second quarter of 2012.
Net revenue in the second quarter of 2013 was $39.1 billion, compared
to $37.6 billion in the second quarter of 2012. Earnings before
interest and tax (EBIT) adjusted was $2.3 billion, compared to $2.1
billion in the second quarter of 2012.
"We continue to perform well in the world's two most important
markets, the U.S. and China," said Dan Akerson, GM chairman and
CEO. "We also made further progress in our European business and
saw the steady performance of our global brands Chevrolet and
Cadillac. For the rest of the year, we'll focus on winning customers
with high-quality vehicles at a compelling value."
GM North America reported EBIT-adjusted of $2.0 billion, compared with
$1.9 billion in the second quarter of 2012.
GM Europe reported an EBIT-adjusted of $(0.1) billion, compared with
$(0.4) billion in the second quarter of 2012.
GM International Operations reported EBIT-adjusted of $0.2 billion,
compared with $0.6 billion in the second quarter of 2012.
GM South America reported EBIT-adjusted of $0.1 billion, compared with
EBIT-adjusted of $0.0 billion in the second quarter of 2012.
GM Financial earnings before tax was $0.3 billion for the quarter,
compared to $0.2 billion in the second quarter of 2012.
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was
$4.5 billion and automotive free cash flow adjusted was $2.6 billion.
GM ended the quarter with very strong total automotive liquidity of
$34.8 billion. Automotive cash and marketable securities was $24.2
billion compared with $24.3 billion for the first quarter of 2013.
"Our results in this quarter were clearly pegged to winning
vehicles like the Cadillac ATS, Chevrolet Impala and Opel Mokka,"
said Dan Ammann, GM executive vice president and CFO. " We will
continue to address our business challenges head-on, execute flawless
launches of our future products and most importantly, satisfy our