General Motors announced today that its second quarter net income increased 89 percent to $2.5 billion, or, or $1.54 per fully-diluted share, marking the company’s sixth consecutive profitable quarter. GM’s revenue increased $6.2 billion to $39.4 billion, compared with the same period in 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.”
“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.
Hit the jump for highlights.
GM Results Overview (in billions except for per share amounts)
|Q2 2010||Q2 2011|
|Net income attributable to common stockholders
Earnings per share (EPS) diluted
|Automotive net cash flow from operating activities
Automotive free cash flow
- 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.