GM Announces Third Quarter 2010 Results: Best quarter since 1999

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Thread: GM Announces Third Quarter 2010 Results: Best quarter since 1999

  1. #1
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    GM Announces Third Quarter 2010 Results: Best quarter since 1999

    GM Announces Third Quarter 2010 Results
    GM achieves third consecutive quarter of profitability and positive cash flow
    Net income of $2.0 billion, earnings per share of $1.20

    GM Media
    November 10, 2010


    DETROIT, Mich. – General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:

    • Revenue of $34.1 billion
    • Net income attributable to common stockholders of $2.0 billion
    • Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20
    • Earnings before interest and tax (EBIT) of $2.3 billion
    • Net cash flow from operating activities of $2.6 billion
    • Free cash flow of $1.4 billion
    • “As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer.


    GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter.

    Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion.

    GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.


    Additional reporting:
    http://www.freep.com/article/2010111...s-2B-3Q-profit
    Last edited by ChevyRules; 11-10-2010 at 10:14 AM. Reason: Format
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    Re: GM posts $2 billion profit in 3Q

    Great results. But Europe is killing them. They need to get Opel under control.
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    Re: GM posts $2 billion profit in 3Q

    Progress. Great news. I think part of the Opal problem is that some Europeans have the same attitude as some people in the U.S. with all the bailouts, shakeups, and turmoil of the last couple years.

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    Re: GM posts $2 billion profit in 3Q

    Is that 3 straight quarters of profit now?

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    Re: GM posts $2 billion profit in 3Q

    Quote Originally Posted by SuperSS27 View Post
    Is that 3 straight quarters of profit now?
    Yes.

    Keep it up GM!

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    Re: GM posts $2 billion profit in 3Q

    Quote Originally Posted by Jkujo View Post
    Yes.

    Keep it up GM!
    Alright!!! We have a pattern!

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    Re: GM posts $2 billion profit in 3Q

    Very much good news. If they can keep this news positive before the IPO, they should be in good shape to move forward (like Toyota's cars unintendedly).
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    Re: GM posts $2 billion profit in 3Q

    If Europe wasn't in the picture then you would have had 2.75 billion in profits, turn things around in Europe and man GM will be rolling in money.

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    Re: GM posts $2 billion profit in 3Q

    Quote Originally Posted by Canyonaro View Post
    Very much good news. If they can keep this news positive before the IPO, they should be in good shape to move forward (like Toyota's cars unintendedly).
    The IPO is next week.


    GMI---This is not front page news?

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    Re: GM posts $2 billion profit in 3Q

    Quote Originally Posted by 63GrandSport001 View Post
    If Europe wasn't in the picture then you would have had 2.75 billion in profits, turn things around in Europe and man GM will be rolling in money.


    And then even more profoundly ...... throw in some average earnings performance by ALLY visa vie automotive financing & leasing operations.......

    Just look at how much Ford and Toyota have made off their captive finance operations over the last three to four quarters ......

    (And consider Chrysler, who really needs this kind of profit center even more than GM.)

    It's not often discussed because they don't want to rile up the public but the financial sector / banking industry / ponzi scheme is so rigged for debt creation equals easy profit that you literally stand no long term chance of thriving much less surviving as an automotive OEM w/o that captive finance profit.

    Going forward, GM shall have it.
    "From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again."
    "The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
    "If America is circling the drain, Goldman Sachs has found a way to be that drain — " Matt Taibbi

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    Re: GM posts $2 billion profit in 3Q

    Excellent, now put that money into newer engines.

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    Re: GM posts $2 billion profit in 3Q

    CNN's headline is great:

    GM: Best quarter in 11 years

    http://money.cnn.com/2010/11/10/news...cnn=yes&hpt=T2

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    Re: GM Announces Third Quarter 2010 Results: Best quarter since 1999

    Hopefully they can keep profits up and we see an uptick in vehicle sales in 2011. I'd really like to see GM rid of the "Government Motors" stigma... If the government is able to break even or earn a profit on the future sale of stock, it should be a good thing for both parties.

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    Re: GM posts $2 billion profit in 3Q

    Quote Originally Posted by optiongm View Post
    By Chrissie Thompson
    FREE PRESS BUSINESS WRITER


    General Motors today posted a $2 billion third-quarter profit off revenue of $34.1 billion in its last financial report before its planned Nov. 18 return to the stock market.GM previously said it would report a $1.9 billion to $2.1 billion gain for the quarter and promised its first full-year profit since 2004.

    The net profits came from earnings before interest and taxes and $2.1 billion in North America, up from $1.6 billion in the second quarter, and $646 million in GM’s international region that includes Asia. GM’s problematic Europe region deepened its losses to $559 million, compared with $160 million in the second quarter.


    Read more: GM posts $2 billion profit in 3Q | freep.com | Detroit Free Press http://www.freep.com/article/2010111...#ixzz14svL4pzR

    http://www.freep.com/article/2010111...s-2B-3Q-profit
    http://media.gm.com/content/media/us.../1110_earnings
    GM
    Revenue:$34.1B
    Profit:$2.0B

    Ford
    Revenue: $29B
    Profit: $1.7B

    So the picture is improving for GM... they're about equally as profitable as Ford.

    (Even though Ford has a considerably higher debt load... )
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    Re: GM Announces Third Quarter 2010 Results: Best quarter since 1999

    Good for GM and good for the USA! Pour it back into the product and pound the competition into submission!
    Last edited by TIE1-ON; 11-10-2010 at 10:30 AM.
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