GM Reports Third Quarter Net Income of $0.7 Billion
EPS of $0.45 includes net loss from special items of $0.51 per share
EBIT-adjusted of $2.6 billion, up from $2.3 billion in the third
quarter of 2012
DETROIT General Motors Co. (NYSE: GM) today announced third quarter
net income to common stockholders of $0.7 billion or $0.45 per fully
diluted share, down from $1.5 billion or $0.89 per fully diluted share
a year ago. Improvement in operating performance during the quarter
was more than offset by a net loss from special items and incremental
Net income to common includes a net loss from special items of $0.9
billion or $0.51 per fully diluted share, including $0.8 billion
related to the repurchase of 120 million shares of Preferred Series A
Stock. Results were also impacted by incremental tax expense of $0.5
billion or $0.29 per fully diluted share in the quarter compared to
the third quarter of 2012.
Net revenue during the quarter was $39.0 billion compared to $37.6
billion in the third quarter of 2012. Earnings before interest and tax
(EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third
quarter of 2012.
"We made gains in the third quarter as we improved our North
American margins and increased our global share on the strength of our
Chevrolet brand," said Dan Akerson, GM chairman and CEO.
"Our efforts to build great cars and trucks and deliver solid
financial results were recognized this quarter by Moody's investment
GM Results Overview (in billions except for per share amounts)
Q3 2013 Q3 2012
Revenue $39.0 $37.6
Net income attributable to common stockholders $0.7 $1.5
Earnings per share (EPS) fully diluted $0.45 $0.89
Impact of special items on EPS fully diluted $(0.51) $(0.04)
EBIT-adjusted $2.6 $2.3
Automotive net cash flow from operating activities $3.3 $3.1
Adjusted automotive free cash flow $1.3 $1.2
GM North America reported EBIT-adjusted of $2.2 billion compared with
$1.7 billion in the third quarter of 2012.
GM Europe reported EBIT-adjusted of $(0.2) billion compared with
$(0.5) billion in the third quarter of 2012.
GM International Operations reported EBIT-adjusted of $0.3 billion
compared with $0.8 billion in the third quarter of 2012.
GM South America reported EBIT-adjusted of $0.3 billion compared with
EBIT-adjusted of $0.2 billion in the third quarter of 2012.
GM Financial earnings before tax was $0.2 billion for the quarter
compared to $0.2 billion in the third quarter of 2012.
Cash Flow and Liquidity
For the quarter automotive cash flow from operating activities was
$3.3 billion and adjusted automotive free cash flow was $1.3 billion.
GM ended the quarter with very strong total automotive liquidity of
$37.3 billion. Automotive cash and marketable securities was $26.8
billion compared with $24.2 billion for the second quarter of 2013.
"During the quarter strong demand for new vehicles like the
Cadillac ATS, Chevrolet Onix and the all-new Chevrolet Silverado
helped boost our top-line," said Dan Ammann, GM executive vice
president and CFO. "We also further strengthened our fortress
balance sheet and reduced our cost of capital through our $4.5 billion
refinancing of high cost obligations."