General Motors reported second quarter 2013 net income attributable to common stockholders of $1.2 billion, or $0.75 per fully diluted share, from revenue of $39.1 billion. The results represent a $300 million decrease in net income compared to Q2 2012, when The General reported a net income of 1.5 billion, or $0.90 per fully diluted share. Revenue was up $1.5 billion, from $37.6 billion in Q2 2012.
GM points out that the Q2 2013 results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share. Net income for Q2 2013 included an increase in tax expense of $0.5 billion, or $0.29 per fully diluted share, compared to the second quarter of 2012.
Furthermore, earnings before interest and tax (EBIT) adjusted was $2.3 billion, compared to $2.1 billion in the second quarter of 2012 — an increase of $200 million year-over-year.
“We continue to perform well in the world’s two most important markets, the U.S. and China,” said Dan Akerson, GM chairman and CEO. “We also made further progress in our European business and saw the steady performance of our global brands Chevrolet and Cadillac. For the rest of the year, we’ll focus on winning customers with high-quality vehicles at a compelling value.”
|Metric||Q2 2013||Q2 2012|
|Net income attributable to common stockholders||$1.20||$1.50|
|Earnings per share (EPS) fully diluted||$0.75||$0.90|
|Impact of special items on EPS fully diluted||($0.09)||-|
|Automotive net cash flow from operating activities||$4.50||$3.8|
|Adjusted automotive free cash flow||$2.60||$1.70|
Regional Division Results
- GM North America reported EBIT-adjusted of $2.0 billion, compared with $1.9 billion in the second quarter of 2012.
- GM Europe reported an EBIT-adjusted of $(0.1) billion, compared with $(0.4) billion in the second quarter of 2012.
- GM International Operations reported EBIT-adjusted of $0.2 billion, compared with $0.6 billion in the second quarter of 2012.
- GM South America reported EBIT-adjusted of $0.1 billion, compared with EBIT-adjusted of $0.0 billion in the second quarter of 2012.
- GM Financial earnings before tax was $0.3 billion for the quarter, compared to $0.2 billion in the second quarter of 2012.
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $4.5 billion and automotive free cash flow adjusted was $2.6 billion. GM ended the quarter with very strong total automotive liquidity of $34.8 billion. Automotive cash and marketable securities was $24.2 billion compared with $24.3 billion for the first quarter of 2013.
“Our results in this quarter were clearly pegged to winning vehicles like the Cadillac ATS, Chevrolet Impala and Opel Mokka,” said Dan Ammann, GM executive vice president and CFO. ” We will continue to address our business challenges head-on, execute flawless launches of our future products and most importantly, satisfy our customers.”