GM Announces Record Second-Quarter Earnings
General Motors Co. reported its second-quarter earnings report on Thursday, revealing a net income of $1.1 billion. Earnings before interest and taxes increased to $2.9 billion, and the company’s profit margin grew to 7.5%. Earnings per share totaled $0.67, and North America hit quarterly record for EBIT-adjusted profit at $2.8 billion with an adjusted margin of 10.5%.
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“The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market,” said GM CEO Mary Barra. “We said our goal was to improve our earnings and margins this year, and we are on-plan. Consistent with that, we believe our results in the second half of the year will be even better than the first half, and we’re confident we will meet our 2016 targets.”
Second-quarter net revenue totaled $38.2 billion, down from the $39.6 billion in net revenue in Q2 2014. The decrease is largely being chalked up to foreign currency exchange losses. Adjusted automotive free cash flow was up to $3.3 billion from $1.9 billion, and GM reported a 23.4% Return on Invested Capital.