GM Reports Q1 Earnings: $856 Million PROFIT - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

FenwickHockey65 · 05-17-2010, 08:56 AM

GM Reports First Quarter 2010 Results
GM achieves net income of $0.9 billion and EPS of $1.66

Link to Press Release
Link to article at GMInsideNews

Quote:

DETROIT, Mich. – General Motors Company today announced its first quarter 2010 results, marked by revenue of $31.5 billion and operating income of $1.2 billion. Net income attributable to common stockholders was $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.

GM’s first quarter adjusted earnings before interest and tax (EBIT) was $1.7 billion, after adjusting for the favorable impact of the sale of the Saab brand.

GM North America had EBIT in the first quarter 2010 of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe had a loss before interest and taxes of $0.5 billion; an improvement of $0.3 billion from the fourth quarter. GM International Operations posted EBIT of $1.2 billion, up $0.5 billion from the fourth quarter.

Cash flow from operating activities was $1.7 billion and after adjusting for capital expenditures of $0.7 billion, free cash flow was $1.0 billion. GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.

“We’re pleased with our first quarter performance, in particular achieving profitability,” said Chris Liddell, vice chairman and chief financial officer. “In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM.”

prostock69 · 05-17-2010, 08:56 AM

Awesome!

motorhead · 05-17-2010, 09:06 AM

Impressive. Are trucks and suv's still the driving force or are they starting to see a shift to cars? The reason I ask is we all know gas prices aren't going to stay at current levels. I just don't want to see a repeat of the last time.

ron10 · 05-17-2010, 09:19 AM

fantastic news.

BackinBlackSS/RS · 05-17-2010, 09:22 AM

Awesome

Sax1031 · 05-17-2010, 11:20 AM

GREAT NEWS. That is awesome.

v6sonoma · 05-17-2010, 11:20 AM

Thanks to all of us Camaro owners (and some help from the other GM purchasers ) GM has posted it's first quarterly profit in 3 years! And it's a whopping $865 million! More money is always good. That means green lights for projects like the Z28!!!

http://www.autoblog.com/2010/05/17/g...n-three-years/

Here the news from the link.

General Motors has just posted its first quarterly profit in three years, and it's not exactly chump change. The General just announced it managed to rake in a net income of $865 million during the first quarter of 2010. According to The Detroit News, the change in direction is thanks largely to GM's rebound here in North America. The company's domestic operation pulled down a $1.2 billion profit for the first three months of the year thanks to a slimmer debt load and the sale of Saab to Spyker. During the fourth-quarter of 2009, GM posted a $3.4 billion loss.

Likewise, things are looking up internationally. The Detroit-based automaker also returned a $1.2 billion profit from its global efforts as well. That marks a $500 million increase compared to the fourth quarter of 2009. This is all good news for those eying when the fresh-from-bankruptcy manufacturer will start selling stock once again. Currently, GM is shooting for an IPO late this year or early in 2011. Tax payers and investors can't wait. Hit the jump for the press release.

AnnaBear@SpartaChevy · 05-17-2010, 11:23 AM

That is GREAT news!

mfr1950 · 05-17-2010, 11:30 AM

!!!!

MontyCarlo · 05-17-2010, 11:32 AM

Hopefully this means we're not too far from the government selling off its GM shares!

*DGthe3* · 05-17-2010, 11:36 AM

new to finance stuff, did the shareholders just make $1.66 per share?

Berean · 05-17-2010, 11:43 AM

While it may be good news, it isn't earth shattering. 865 million is barely over 1.5% of the 50 BILLION in government bailout money they have to pay back.

We won't even go into the billions the SECURED bondholders got screwed out of by the government imposed bankruptcy.

v6sonoma · 05-17-2010, 11:53 AM

Quote:

Originally Posted by Berean

While it may be good news, it isn't earth shattering. 865 million is barely over 1.5% of the 50 BILLION in government bailout money they have to pay back.

We won't even go into the billions the SECURED bondholders got screwed out of by the government imposed bankruptcy.

Perhaps but considering during the 4th qtr of 2009 they had a $3.4 billion loss thats quite a swing and a great step in the right direction.

Berean · 05-17-2010, 11:56 AM

Quote:

Originally Posted by v6sonoma

Perhaps but considering during the 4th qtr of 2009 they had a $3.4 billion loss thats quite a swing and a great step in the right direction.

Agreed, but they have a long way to go to have any financial credibility as a company in my eyes.

Keep making the Camaro though.

05-17-2010, 08:56 AM	#2
prostock69 Female Muscle Car Nut! Drives: 2010 RS/SS IOM Camaro Join Date: Jul 2009 Location: Mansfield, TX Posts: 1,259 View My Garage	Awesome! __________________ 2SS/RS Inferno Orange w/ black stripes, black/orange interior, Automatic, w/ sunroof and polished aluminum wheels MODS: Borla "S" Type Exhaust, American Racing Headers 3" Longtubes, New Era Cold Air Intake, HP Tune, Custom Ground Camshaft, Professionally Ported Heads by Darin Morgan, Ported Throttle Body, 3000 Stall Converter, and 160 Degree Thermostat. http://www.rehermorrison.com/; http://www.darinmorgan.com/; http://www.neweraperformance.com/

05-17-2010, 11:20 AM	#7
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	We did it!!!!!!!!! GM Posts Profit! Thanks to all of us Camaro owners (and some help from the other GM purchasers ) GM has posted it's first quarterly profit in 3 years! And it's a whopping $865 million! More money is always good. That means green lights for projects like the Z28!!! http://www.autoblog.com/2010/05/17/g...n-three-years/ Here the news from the link. General Motors has just posted its first quarterly profit in three years, and it's not exactly chump change. The General just announced it managed to rake in a net income of $865 million during the first quarter of 2010. According to The Detroit News, the change in direction is thanks largely to GM's rebound here in North America. The company's domestic operation pulled down a $1.2 billion profit for the first three months of the year thanks to a slimmer debt load and the sale of Saab to Spyker. During the fourth-quarter of 2009, GM posted a $3.4 billion loss. Likewise, things are looking up internationally. The Detroit-based automaker also returned a $1.2 billion profit from its global efforts as well. That marks a $500 million increase compared to the fourth quarter of 2009. This is all good news for those eying when the fresh-from-bankruptcy manufacturer will start selling stock once again. Currently, GM is shooting for an IPO late this year or early in 2011. Tax payers and investors can't wait. Hit the jump for the press release. __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

05-17-2010, 11:32 AM	#10
MontyCarlo Drives: 2010 2LT/RS auto IBM Join Date: Mar 2009 Location: Denver, CO Posts: 1,255	Hopefully this means we're not too far from the government selling off its GM shares! __________________ FAQs: 1. No, I do not have any strong opinions about the Monte Carlo. 2. Yes, I know what my name looks like. 3. Yes, but the medication helps immensely. 2LT/RS IBM/gray #21,895 ordered April 21st, delivered July 3rd

05-17-2010, 11:36 AM	#11
DGthe3 Moderator.ca Drives: 05 Grand Am GT Join Date: Jul 2007 Location: Niagara, Canada Posts: 25,366	new to finance stuff, did the shareholders just make $1.66 per share? __________________ Note, if I've gotten any facts wrong in the above, just ignore any points I made with them __________________ Originally Posted by FbodFather My sister's dentist's brother's cousin's housekeeper's dog-breeder's nephew sells coffee filters to the company that provides coffee to General Motors...... ........and HE WOULD KNOW!!!! __________________ Camaro Fest sub-forum

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05-17-2010, 09:06 AM	#3
motorhead Drives: Love the one you're with Join Date: Sep 2009 Location: Downtown Charlie Brown Posts: 11,849	Impressive. Are trucks and suv's still the driving force or are they starting to see a shift to cars? The reason I ask is we all know gas prices aren't going to stay at current levels. I just don't want to see a repeat of the last time.

05-17-2010, 09:19 AM	#4
ron10 Drives: 2010 2SS IOM L99 Join Date: Jan 2010 Location: LOUISVILLE,KY.. Posts: 7,545	fantastic news.

05-17-2010, 09:22 AM	#5
BackinBlackSS/RS Go Blue!!!!! Drives: 2012 Cruze LT Join Date: Mar 2009 Location: Indiana Posts: 23,290	Awesome

05-17-2010, 11:20 AM	#6
Sax1031 Drives: 2000 Mustang GT Join Date: Jul 2009 Location: Elgin,SC Posts: 2,707	GREAT NEWS. That is awesome.

05-17-2010, 11:23 AM	#8
AnnaBear@SpartaChevy Drives: 2011 Camaro 1SS Manual Synergy Grn Join Date: Apr 2009 Location: Sparta Chevrolet, Sparta, MI Posts: 2,107	That is GREAT news!

05-17-2010, 11:30 AM	#9
mfr1950 Drives: 2011 challengerR/T , 2010 Ram R/T Join Date: Aug 2008 Location: Lafayette Indiana Posts: 1,186	!!!!

05-17-2010, 11:43 AM	#12
Berean Drives: Truck Join Date: Apr 2010 Location: Home Posts: 2,439	While it may be good news, it isn't earth shattering. 865 million is barely over 1.5% of the 50 BILLION in government bailout money they have to pay back. We won't even go into the billions the SECURED bondholders got screwed out of by the government imposed bankruptcy.