GM Reports Q1 2011 Results: $3.2 Billion Profit

[FenwickHockey65]

GM Reports Net Income of $3.2 Billion
Link to Press Release

May 5, 2011

• Net income of $1.77 per share including a net gain from special items of $0.82 per share
• EBIT of $3.5 billion and EBIT-adjusted of $2.0 billion
• GM Europe achieves breakeven results on an EBIT-adjusted basis

DETROIT – General Motors Company (NYSE: GM) today announced first quarter net income attributable to common stockholders of $3.2 billion, or $1.77 per fully-diluted share, marking the company’s fifth consecutive profitable quarter. Revenue increased $4.7 billion to $36.2 billion, compared with the first quarter of 2010.

“We are on plan,” said Dan Akerson, chairman and CEO. “GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.”

Net income attributable to common stockholders includes gains of $1.6 billion and $0.3 billion respectively related to the sales of the company’s ownership interest in Delphi Automotive LLP and Ally Financial Inc. preferred stock. It also includes a $0.4 billion goodwill impairment charge at GM Europe (GME) resulting from a change in accounting standards and charges totaling $0.1 billion at GM International Operations (GMIO) related to revised tax regulations affecting the company’s India joint venture. Combined, these special items increased net income attributable to common stockholders by $1.5 billion or $0.82 per fully-diluted share.

Earnings before interest and tax (EBIT) were $3.5 billion. EBIT adjusted to exclude special items was $2.0 billion compared with $1.7 billion in the first quarter of 2010.

GM North America (GMNA) reported EBIT of $2.9 billion compared with $1.2 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMNA increased its earnings by $0.1 billion to $1.3 billion compared with the first quarter of 2010. The company expects GMNA’s quarterly EBIT-adjusted results to improve on average for the remainder of the year compared with the first quarter as better pricing and improved fixed cost should more than offset commodity cost increases and unfavorable mix.

GME reported EBIT of $(0.4) billion. GME’s results improved by $0.6 billion on an EBIT-adjusted basis compared with the first quarter of 2010 and it achieved a significant milestone by delivering breakeven results on that basis. Based on current plans, GME is targeting to achieve breakeven results on an EBIT-adjusted basis before restructuring for the entire year.

GMIO reported EBIT of $0.5 billion compared with $0.9 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMIO earned $0.6 billion in the first quarter, a decline of $0.3 billion compared with the first quarter of 2010.

GM South America (GMSA) reported EBIT of $0.1 billion, down $0.2 billion from the first quarter of 2010. There were no adjustments in either period.

GM expects that full-year 2011 EBIT-adjusted results will show solid improvement over 2010. GM continues to expect no material impact on full-year results from the Japan crisis.

For the quarter, automotive cash flow from operating activities was $(0.6) billion and automotive free cash flow was $(1.9) billion. Both figures include the $2.5 billion cash impact of GM’s decision, announced in October 2010, to end a wholesale advance agreement with Ally Financial.

GM ended the quarter with very strong total liquidity of $36.5 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $30.6 billion compared with $27.6 billion at the end of the fourth quarter of 2010.

“GM has great potential to deliver profitable growth around the world as the recovery continues,” said Dan Ammann, senior vice president and CFO. “While we’re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet.”

[motorhead]

Glad I could help.

[Scrappy Doo]

Originally Posted by motorhead

Glad I could help.

Me too

[DGthe3]

What was Ford, $2.6B? And Chrysler was ~$100M?

[Morepwr]

Good to see them doing well!

[JoeP@TeamBeckyD]

....and the stock went down....

[kevin1106]

3.2 billion

And I cant even get red interior trim...:(

[Mr. Wyndham]

Wow....that's a ton of cash...

I can't imagine what they'd be making if sales volume was back where it was in '06-07...holy cow.

Congratulations! Keep the momentum going!

[FenwickHockey65]

Originally Posted by Libertyforall1776

The Treasury owns 79% of GM

Fail.

[Kyle2k]

Originally Posted by Libertyforall1776

Wow, cooking the books...

Judge Andrew Napolitano spelled it out on his Freedom Watch show 3-18-11. GM was allowed to use $45 Billion in pre-bankruptcy losses to offset its post-bankruptcy income, which is unheard of in modern times. The Treasury owns 79% of GM, and they created the false impression that GM was profitable. "Repaid their debts and profitable"? Raises a lot of questions when you look at the full picture.

Those are the real facts, folks.

"...and from my point of view the Jedi are evil!!!"

Lol I really hope at least someone gets this reference...

[DGthe3]

Originally Posted by Libertyforall1776

I see sources that 60% was US Govt. and 12% Canadian Govt. right there that is 72%... and surely more that is not as easy to delineate, like the $2.1 billion in preferred stock US Treasury owns, etc...

http://online.wsj.com/article/SB124380079212769963.html

Let's not forget former GM-owned/founded GMAC, now called Ally, bailed out for $17.2 billion -- which Treasury owns a 73.8 percent stake in...

Also regarding the $6.7 Billion in loans GM "payed back", in an April 21, 2010, interview on the Fox Business Network, GM's vice chairman, Stephen Girsky, was asked if GM is just paying the government back with government money.

"That is, in effect true," Girsky said.

All of which is old news and has absolutely nothing to do with this thread.

[truth411]

Originally Posted by DGthe3

All of which is old news and has absolutely nothing to do with this thread.

Lay off the koolaid bro.

Edit: Sorry I did not mean to respond to your post, it was for Mr. "Liberty"

[FenwickHockey65]

Originally Posted by Libertyforall1776

I see sources that 60% was US Govt. and 12% Canadian Govt. right there that is 72%... and surely more that is not as easy to delineate, like the $2.1 billion in preferred stock US Treasury owns, etc...

http://online.wsj.com/article/SB124380079212769963.html

Let's not forget former GM-owned/founded GMAC, now called Ally, bailed out for $17.2 billion -- which Treasury owns a 73.8 percent stake in...

Also regarding the $6.7 Billion in loans GM "payed back", in an April 21, 2010, interview on the Fox Business Network, GM's vice chairman, Stephen Girsky, was asked if GM is just paying the government back with government money.

"That is, in effect true," Girsky said.

Fail.

• JUNE 1, 2009

[coolman]

Originally Posted by Libertyforall1776

I see sources that 60% was US Govt. and 12% Canadian Govt. right there that is 72%... and surely more that is not as easy to delineate, like the $2.1 billion in preferred stock US Treasury owns, etc...

http://online.wsj.com/article/SB124380079212769963.html

Let's not forget former GM-owned/founded GMAC, now called Ally, bailed out for $17.2 billion -- which Treasury owns a 73.8 percent stake in...

Also regarding the $6.7 Billion in loans GM "payed back", in an April 21, 2010, interview on the Fox Business Network, GM's vice chairman, Stephen Girsky, was asked if GM is just paying the government back with government money.

"That is, in effect true," Girsky said.

You site an article that is almost two years old and has nothing to do with what GM is doing now. I think it is time for you to find a new cause to cling to.