Don't Miss

GM reports third quarter net income of $0.7bn

By BusinessDay Staff on November 3, 2013

General Motors Co. (GM) on Wednesday announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5 billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense.

“Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock. Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012, “ a statement made available to THISDAY by the Communications Manager – General Motors Sub-Saharan Africa Export markets

General Motors East Africa, Ruth Mugugu, said. “Net revenue during the quarter was $39.0 billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012, “ the statement added.

“We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand,” said GM chairman and CEO, Dan Akerson. “Our efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody’s investment grade rating.”

[ThisDay]

headline