GM Earns Record Q1 Profits, $2.9B Net Revenue
General Motors on Friday announced a record $41.2 billion in first-quarter revenue, up 10.6% from its Q1 2016 results. GM’s earnings report for the first quarter also revealed record EBIT-adjusted, EBIT-adjusted margin, EPS-diluted-adjusted, and EBIT-adjusted and revenue for North America.
Additionally, GM Financial posted a record net revenue of $2.9 billion, up 38.7%. GM Financial’s EBIT-adjusted for the quarter was $0.3 billion, up 0.2 points from 2016.
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“Our first-quarter results reflect our resolve to grow profitably and demonstrate the strong earnings power of this company,” said General Motors Chairman and CEO Mary Barra. “More importantly, we advanced our strategic plan to transform GM for the long term and unlock more value for our shareholders.”
GM’s net income was $2.6 billion, up 33.5% from 2016. Operating cash flow was $1.4 billion, $2 billion better than Q1 2016, and EPS-diluted was $1.70, up 37.1% from 2016. EBIT-adjusted margin was 8.2%, up 1.1 percentage points; EBIT-adjusted totaled $3.4 billion, up 27.9%, and EPS-diluted-adjusted was $1.70, up 34.9%. Further, GM achieved its record EBIT-adjusted in spite of approximately $200 million in restructuring costs.
“Our strong first quarter resulted from continued top-line growth and an intense focus on driving costs lower. As we refresh our crossover portfolio in the next several months, we expect to stay on track to meet our financial commitments for the year,” said Chuck Stevens, General Motors’ Executive Vice President and Chief Financial Officer.
GM closed the first quarter with $20.4 billion in liquid cash and current marketable securities, up from $18.5 billion in 2016. Total Auto Liquidity was up from $30.6 billion in Q1 2016 to $34.4 billion last quarter.
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