GM posts record 1Q results with $2.61B net income

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Thread: GM posts record 1Q results with $2.61B net income

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    GM posts record 1Q results with $2.61B net income


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    Re: GM posts record 1Q results with $2.61B net income

    General Motors Co.’s net income in the first quarter soared nearly 34 percent to $2.61 billion, a new record for the three-month period. The result was driven by record first-quarter revenue aided by sales of profitable trucks and SUVs, strong performance in China and growth for GM Financial.

    The company on Friday said earnings per share totaled $1.70, well ahead of analyst calls for $1.48 a share. The company earned $1.26 a share in the quarter a year ago.

    GM set several first-quarter records since emerging as a new company following its 2009 bankruptcy: revenue at $41.2 billion, up 10.6 percent from a year ago; adjusted pre-tax earnings of $3.4 billion, up 27.9 percent from first-quarter 2016; adjusted pre-tax profit margin of 8.2 percent, up 1.1 percentage points from a year ago; and North America pre-tax adjusted earnings of $3.4 billion, up 48.8 percent.

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    Re: GM posts record 1Q results with $2.61B net income

    http://www.ctvnews.ca/autos/general-...ales-1.3389011

    DETROIT -- Rising sales of high-profit trucks and SUVs in the U.S. helped push General Motors to a first-quarter profit record as the company put up a US$2.6 billion in net income.

    The company's sales in its most lucrative market were up even though the overall industry was down from January through March. That drove a 34 per cent profit increase to $1.70 per share, which shattered Wall Street estimates. Analysts polled by FactSet expected $1.47 per share.

    Revenue rose 11 per cent to $41.2 billion, also beating estimates of $40.6 billion.

    GM made $3.4 billion before taxes in North America, up almost 50 per cent from $1.1 billion a year ago. Chief Financial Officer Chuck Stevens attributed $400 million of the increase to better prices, mainly on trucks and SUVs, and $500 million in costs cuts.

    GM's U.S. sales rose just under 1 per cent in the quarter while the whole industry was down 1.5 per cent.

    The market had a favourable but tempered reaction to GM's results. Its shares were up 46 cents, or just over 1 per cent, to $35 in premarket trading.

    Stevens said he expects the pickup truck market to remain strong through the year largely because the average age of a U.S. pickup is 14 years, far above the overall fleet age of about 11.5 years. Also, gas prices should remain low, and any infrastructure spending that might come from President Donald Trump will increase construction and raise demand for new pickups, he said.

    Pretax profits in China also helped GM's bottom line. Although they were down 3 per cent, China still contributed $504 million before taxes.

    GM lost $200 million in Europe for the quarter because of the falling British Pound due to the country's vote to exit the European Union. That loss won't be a drag next year because the company has a deal to sell unload its European Opel and Vauxhall brands to French carmaker PSA Group for roughly $2.33 billion (2.2 billion euros), retreating from the world's third-largest auto market after almost two decades of futile efforts to make money.

    GM favours Trump's proposed corporate tax rate cut, but it won't have much of an effect on the company for the next five years. That's because GM still has $34 billion worth of deferred tax assets and net operating losses largely from before bankruptcy that knock its corporate tax rate to under 10 per cent, Stevens said.

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    Re: GM posts record 1Q results with $2.61B net income

    You were saying?

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    Re: GM posts record 1Q results with $2.61B net income

    The Europe number is nasty.

    Did GM get eager to sell after forecasting revealed this bloodbath; or is this a result of just letting go in Europe; could be neither?
    GMI News Editor

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    Re: GM posts record 1Q results with $2.61B net income

    Quote Originally Posted by Michael Accardi View Post
    The Europe number is nasty.

    Did GM get eager to sell after forecasting revealed this bloodbath; or is this a result of just letting go in Europe; could be neither?
    The European money black hole had to go.They now need a fresh look on how to sell US/Canada/Mexico Built vehicles there at a profit, without the 28 hour week workers.

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    Re: GM posts record 1Q results with $2.61B net income

    The European market which there is still a lot of economic issues in certain markets was still an issue however they could have stuck it out. They got offers to sell their European operations and they went for it, this is obviously going to remove GM from a real player from the European market for some time going forward.

    GMs performance in Europe had a loss of 201 million dollars, the reason for this as stated by GM "negative foreign exchange related to Brexit, the United Kingdom’s vote last year to withdraw from the European Union". However considering GMs performance in Europe this wasn't that big of a hit and could have be fixed long term by moving production around in Europe to better deal with it.

    As good as GMs performance was there are obviously areas in which Ford blows GM out of the water, fact is Ford made over 400 million in Europe in the first quarter.
    Last edited by roadkillz; 04-28-2017 at 09:52 AM.

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    Re: GM posts record 1Q results with $2.61B net income

    With the growing bank account, GM soon will not be able to say - "We don't have the resources to develop Vehicle X"

    I.E.
    Code 130R
    Avista

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    Re: GM posts record 1Q results with $2.61B net income

    Quote Originally Posted by InCogKneeToe View Post
    http://www.ctvnews.ca/autos/general-...ales-1.3389011


    GM lost $200 million in Europe for the quarter because of the falling British Pound due to the country's vote to exit the European Union.

    I've noticed various "news outlets" can't help themselves and always attach something about the Brexit vote at the end of the sentence.
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    Re: GM posts record 1Q results with $2.61B net income

    It shouldn't be all that hard to do, when all your debit is wiped clean and you given 50 billion in cash. Your product should be the best and you should be be able to sell it as such.
    Goldman Sachs , AIG , Wells Fargo, Berkshire Hathaway , UAW, & SEIU.......Todays organized crime mobs

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    Re: GM posts record 1Q results with $2.61B net income

    Quote Originally Posted by TORRED1 View Post
    It shouldn't be all that hard to do, when all your debit is wiped clean and you given 50 billion in cash. Your product should be the best and you should be be able to sell it as such.
    Exactly.
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    Re: GM posts record 1Q results with $2.61B net income

    Quote Originally Posted by TORRED1 View Post
    It shouldn't be all that hard to do, when all your debit is wiped clean and you given 50 billion in cash. Your product should be the best and you should be be able to sell it as such.
    Do you really think they got 50 billion that they never had to pay back?

    That's completely inaccurate - you and Z28forever should know better than to spread this wild misinformation.

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    Re: GM posts record 1Q results with $2.61B net income

    Quote Originally Posted by Z284ever View Post
    I've noticed various "news outlets" can't help themselves and always attach something about the Brexit vote at the end of the sentence.
    That is what GM stated per one of the articles.... so.....

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    Re: GM posts record 1Q results with $2.61B net income

    Good thing we didn't bet huh Ed?


    GM slapping around Ford like they are the bald headed step child...

    Well done GM! Keep the profits soaring!
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    Re: GM posts record 1Q results with $2.61B net income

    This is why GMi is circling the drain. Great news about GM and our resident media elites are looking for a dark lining in a silver cloud, just to get cool points.
    Last edited by birdsvsworms88; 04-28-2017 at 01:53 PM.

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