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GM Net Income Increases 89 percent to $2.5 Billion
Net income of $1.54 per share; EBIT of $3.0 billion
Revenue increased $6.2 billion to $39.4 billion, compared with the second quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $3.0 billion compared with $2.0 billion in the second quarter of 2010. There were no special items in either period.
“GM’s investments in fuel economy, design and quality are paying off around the world as our global market share growth and financial results bear out,” said Dan Akerson, chairman and CEO. “Our progress has been steady and we’re preparing to launch more new products this year, including the Chevrolet Sonic in North America, the Opel/Vauxhall Zafira in Europe and the Baojun 630 in China to keep the momentum going.”
GM North America (GMNA) reported EBIT-adjusted of $2.2 billion, an improvement of $0.6 billion compared with the second quarter of 2010.
GM Europe (GME) reported EBIT-adjusted of $0.1 billion, an improvement of $0.3 billion compared with the second quarter of 2010. In the second quarter of 2011, GME incurred restructuring costs of approximately $100 million which was approximately $200 million less than in the second quarter of 2010.
GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, up $0.1 billion from the second quarter of 2010.
GM South America (GMSA) reported EBIT-adjusted of $0.1 billion, down $0.1 billion from the second quarter of 2010.
For the quarter, automotive cash flow from operating activities was $5.0 billion and automotive free cash flow was $3.8 billion.
GM ended the quarter with very strong total automotive liquidity of $39.7 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $33.8 billion compared with $30.6 billion at the end of the first quarter of 2011.
Based on current industry outlook, the company expects that EBIT-adjusted in the second half of 2011 will be modestly lower than in the first half and that its full-year 2011 EBIT-adjusted will show solid improvement over 2010
“Our earnings and cash flow are solid and we’re going to keep working on the fundamentals of strong brands, great products and operating leverage to create profitable growth around the world,” said Dan Ammann, senior vice president and CFO.
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