WASHINGTON (MNI) – The following is an excerpt from GM’s first
quarter GM earnings statement, published Thursday:
General Motors Company today announced first
quarter net income attributable to common stockholders of $3.2 billion,
or $1.77 per fully-diluted share, marking the companys fifth
consecutive profitable quarter. Revenue increased $4.7 billion to $36.2
billion, compared with the first quarter of 2010.
“We are on plan,” said Dan Akerson, chairman and CEO. “GM has
delivered five consecutive profitable quarters, thanks to strong
customer demand for our new fuel-efficient vehicles and a competitive
cost structure that allows us to leverage our strong brands around the
world and focus on driving profitable automotive growth.”
Net income attributable to common stockholders includes gains of
$1.6 billion and $0.3 billion respectively related to the sales of the
companys ownership interest in Delphi Automotive LLP and Ally Financial
Inc. preferred stock. It also includes a $0.4 billion goodwill
impairment charge at GM Europe (GME) resulting from a change in
accounting standards and charges totaling $0.1 billion at GM
International Operations (GMIO) related to revised tax regulations
affecting the companys India joint venture. Combined, these special
items increased net income attributable to common stockholders by $1.5
billion or $0.82 per fully-diluted share.
Earnings before interest and tax (EBIT) were $3.5 billion. EBIT
adjusted to exclude special items was $2.0 billion compared with $1.7
billion in the first quarter of 2010.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]