GM Reports $2 Billion First-Quarter Net Income
Today GM reported first-quarter net income to common stockholders of $2 billion or $1.24 per diluted share, more than double the $0.9 billion or $0.56 per diluted share one year ago. Earnings per share diluted-adjusted for special items were up 47% from the first quarter of 2015, to a first-quarter record $1.26.
The automaker also set first-quarter records for earnings, with earnings before interest and tax (EBIT) adjusted of $2.7 billion, and margin, with an EBIT-adjusted margin of 7.1%.
GM attributes the earnings increase to better year-over-year results in all segments, which includes a breakeven performance in Europe, as compared to GM Europe’s EBIT-adjusted $(0.2) billion in the first quarter of 2015.
Elsewhere, GM International Operations reported EBIT-adjusted results of $0.4 billion, a repeat of its performance in the first quarter of 2015. GM South America’s EBIT-adjusted results were $(0.1) billion compared with $(0.2) billion in the first quarter of 2015, while GM Financial reported earnings before tax of $0.2 billion, which was roughly equal to a year ago.
Here in North America, GM reported first-quarter EBIT adjusted results of $2.3 billion, up from $2.2 billion in first-quarter 2015.
“We’re growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China,” said GM CEO Mary Barra. “This strong quarter also reflects the excellent progress we’re making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility.”