GM Reports First Quarter Net Income of $1.0 Billion

FenwickHockey65 · 05-03-2012, 08:08 AM

GM Reports First Quarter Net Income of $1.0 Billion
General Motors

May 3, 2012

EBIT-adjusted of $2.2 billion
Net income of $0.60 per share after net loss from special items of $0.33 per share

DETROIT – General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $1.0 billion, or $0.60 per fully diluted share. These results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per fully diluted share.

In the first quarter of 2011, GM’s net income attributable to common stockholders was $3.2 billion, or $1.77 per fully diluted share, including a net gain from special items of $1.5 billion or $0.82 per share.

Net revenue in the first quarter of 2012 was $37.8 billion, an increase of $1.6 billion compared with the first quarter of 2011. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, an increase of $0.2 billion compared with the first quarter of 2011.

“The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO. “New products are starting to make a difference in South America, but Europe remains a work in progress. We’ll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.”

Segment Results

GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011.
GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011.
GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion compared with $0.6 billion in the first quarter of 2011.
GM South America’s (GMSA) EBIT-adjusted of $0.1 billion was flat compared with the first quarter of 2011.
GM Financial earnings before tax was $0.2 billion for the quarter, a $0.1 billion increase from the prior year.

Cash Flow and Liquidity

For the quarter, automotive cash flow from operating activities was $2.3 billion and automotive free cash flow was $0.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $31.5 billion compared with $31.6 billion at the end of the fourth quarter of 2011.

2012 GMNA Outlook

With the strengthening U.S. economy helping release pent-up demand, GM now expects that full-year 2012 U.S. light vehicle sales will be in the 14.0 million – 14.5 million range. Previously, the company expected sales to fall between 13.5 million – 14.0 million units.

Based on the company’s current outlook, GMNA’s results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012 due to the scheduled downtime at factories that produce full-size trucks.

“We are aggressively eliminating complexity to reduce our costs, and at that same time, we are preparing for more than 20 major vehicle launches around the world in 2012 to drive revenue this year and farther into the future,” said Dan Ammann, senior vice president and CFO.

motorhead · 05-03-2012, 08:18 AM

So with all of that being said are we as Americans still losing money on the stock we own through our government?

Lou_Dorchen · 05-03-2012, 09:32 AM

Quote:

Originally Posted by motorhead

So with all of that being said are we as Americans still losing money on the stock we own through our government?

Well we are losing tax revenue on the deal. $45.4 billion to be exact.

Source:
http://online.wsj.com/article/SB1000...149103202.html

That being said, if GM continues to be profitable I think the Government/taxpayers will eventually make the money back.

8cd03gro · 05-05-2012, 12:22 AM

Quote:

Originally Posted by motorhead

So with all of that being said are we as Americans still losing money on the stock we own through our government?

To recoup all of the money the remaining shares would have to be sold at over $60 a piece. That's not going to happen, but I don't think anyone expects to get ALL of it back.

05-03-2012, 08:08 AM	#1
FenwickHockey65 General Motors Aficionado Drives: 2023 GMC Canyon, 2023 Expedition Join Date: Aug 2008 Location: Florida Posts: 37,375 View My Garage	GM Reports First Quarter Net Income of $1.0 Billion GM Reports First Quarter Net Income of $1.0 Billion General Motors May 3, 2012 EBIT-adjusted of $2.2 billion Net income of $0.60 per share after net loss from special items of $0.33 per share DETROIT – General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $1.0 billion, or $0.60 per fully diluted share. These results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per fully diluted share. In the first quarter of 2011, GM’s net income attributable to common stockholders was $3.2 billion, or $1.77 per fully diluted share, including a net gain from special items of $1.5 billion or $0.82 per share. Net revenue in the first quarter of 2012 was $37.8 billion, an increase of $1.6 billion compared with the first quarter of 2011. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, an increase of $0.2 billion compared with the first quarter of 2011. “The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO. “New products are starting to make a difference in South America, but Europe remains a work in progress. We’ll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.” Segment Results GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011. GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011. GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion compared with $0.6 billion in the first quarter of 2011. GM South America’s (GMSA) EBIT-adjusted of $0.1 billion was flat compared with the first quarter of 2011. GM Financial earnings before tax was $0.2 billion for the quarter, a $0.1 billion increase from the prior year. Cash Flow and Liquidity For the quarter, automotive cash flow from operating activities was $2.3 billion and automotive free cash flow was $0.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $31.5 billion compared with $31.6 billion at the end of the fourth quarter of 2011. 2012 GMNA Outlook With the strengthening U.S. economy helping release pent-up demand, GM now expects that full-year 2012 U.S. light vehicle sales will be in the 14.0 million – 14.5 million range. Previously, the company expected sales to fall between 13.5 million – 14.0 million units. Based on the company’s current outlook, GMNA’s results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012 due to the scheduled downtime at factories that produce full-size trucks. “We are aggressively eliminating complexity to reduce our costs, and at that same time, we are preparing for more than 20 major vehicle launches around the world in 2012 to drive revenue this year and farther into the future,” said Dan Ammann, senior vice president and CFO. __________________ 2023 GMC Canyon Elevation 2023 Ford Expedition SSV (State-Issued)

05-03-2012, 08:18 AM	#2
motorhead Drives: Love the one you're with Join Date: Sep 2009 Location: Downtown Charlie Brown Posts: 11,849	So with all of that being said are we as Americans still losing money on the stock we own through our government?