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Wednesday, October 31, 2012

GENERAL MOTORS POSTS BILLIONS IN PROFIT



General Motors has announced third quarter net income attributable to common stockholders of $1.5 billion (about R13 billion), or $0.89 per fully diluted share including the impact of special items, which reduced net income by $0.1 billion and diluted earnings per share by $0.04.  In the third quarter a year ago, GM’s net income attributable to common stockholders was $1.7 billion (R14.8 billion), or $1.03 per fully diluted share.  


Net revenue in the third quarter of 2012 was $37.6 billion (about R326 billion) compared with $36.7 billion a year ago.  Earnings before interest and tax (EBIT) adjusted was $2.3 billion (almost R20 billion) compared with $2.2 billion a year ago. 

“GM had a solid quarter because customers around the world love our new vehicles and we’re also seeing green shoots take hold on tough issues like complexity reduction, pensions and Europe,” said Chairman and CEO Dan Akerson.  “We are going to keep playing offense with growth products like the Chevrolet Onix, Opel Mokka and Cadillac ATS and continue to systematically address business risks.”   

Senior Vice President and CFO Dan Ammann added, “While we still have a lot of work to do, especially in Europe, it is encouraging to see our results begin to reflect the discipline we are bringing to bear on the overall business.”

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//PART 2