Driven by stronger results in North America and improved performance in Europe, the net income for the first quarter of 2016 or General Motors Co more than doubled to $2 billion, or $1.24 a share, the company said.
The net income per share for the latest quarter was $1.26, well ahead of analysts' estimates for the quarter excluding a one-time expense for litigation settlements, GM said. Up from $5.02 a share in 2015,GM reaffirmed its forecast that full-year net income would range between $5.25 and $5.75 a share, adjusted to exclude certain one-time charges. Revenue for the first quarter rose 4.5 percent to $37.3 billion.
"We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China. This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility," said Chairman and CEO Mary Barra.
Adjusted profit margins for the quarter rose to 7.1 percent of revenue from 5.8 per cent of revenue a year ago.
General Motors Co. also announced that earnings per share diluted-adjusted for special items was a first-quarter record at $1.26, up 47 percent compared to the first quarter of 2015 for the first-quarter.
With earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent, the company set first-quarter records for earnings and margin. In the first quarter of 2015, the company had reported an EBIT-adjusted of $2.1 billion and an EBIT-adjusted margin of 5.8 percent.
The impact of $0.3 billion restructuring costs, primarily in North America was included in the first-quarter 2016 EBIT-adjusted results, compared to $0.1 billion in restructuring costs a year ago.
Compared to $35.7 billion in the first quarter of 2015, the net revenue during the quarter was $37.3 billion. Holding exchange rates constant, net revenue was $2.9 billion higher than the first quarter of 2015.
The GM North America reported EBIT-adjusted of $2.3 billion for the first quarter which was more compared with $2.2 billion in the first quarter of 2015. On the other hand, compared with $0.4 billion in the first quarter of 2015, GM International Operations reported EBIT-adjusted of $0.4 billion. The results included China equity income of $0.5 billion in both periods.
Automotive cash flow from operating activities was $(0.7) billion for GM for the quarter. Improved from $(1.7) billion in the first quarter of 2015, the adjusted automotive free cash flow was $(1.5) billion. The total automotive liquidity of $30.6 billion, and automotive cash and marketable securities of $18.5 billion was reported by GM.
"The quarter was a great start to a year in which we anticipate strong growth in earnings and free cash flow," said Chuck Stevens, GM executive vice president and chief financial officer.
(Source:www,ruters.com & www.prnewswire.com)
The net income per share for the latest quarter was $1.26, well ahead of analysts' estimates for the quarter excluding a one-time expense for litigation settlements, GM said. Up from $5.02 a share in 2015,GM reaffirmed its forecast that full-year net income would range between $5.25 and $5.75 a share, adjusted to exclude certain one-time charges. Revenue for the first quarter rose 4.5 percent to $37.3 billion.
"We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China. This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility," said Chairman and CEO Mary Barra.
Adjusted profit margins for the quarter rose to 7.1 percent of revenue from 5.8 per cent of revenue a year ago.
General Motors Co. also announced that earnings per share diluted-adjusted for special items was a first-quarter record at $1.26, up 47 percent compared to the first quarter of 2015 for the first-quarter.
With earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent, the company set first-quarter records for earnings and margin. In the first quarter of 2015, the company had reported an EBIT-adjusted of $2.1 billion and an EBIT-adjusted margin of 5.8 percent.
The impact of $0.3 billion restructuring costs, primarily in North America was included in the first-quarter 2016 EBIT-adjusted results, compared to $0.1 billion in restructuring costs a year ago.
Compared to $35.7 billion in the first quarter of 2015, the net revenue during the quarter was $37.3 billion. Holding exchange rates constant, net revenue was $2.9 billion higher than the first quarter of 2015.
The GM North America reported EBIT-adjusted of $2.3 billion for the first quarter which was more compared with $2.2 billion in the first quarter of 2015. On the other hand, compared with $0.4 billion in the first quarter of 2015, GM International Operations reported EBIT-adjusted of $0.4 billion. The results included China equity income of $0.5 billion in both periods.
Automotive cash flow from operating activities was $(0.7) billion for GM for the quarter. Improved from $(1.7) billion in the first quarter of 2015, the adjusted automotive free cash flow was $(1.5) billion. The total automotive liquidity of $30.6 billion, and automotive cash and marketable securities of $18.5 billion was reported by GM.
"The quarter was a great start to a year in which we anticipate strong growth in earnings and free cash flow," said Chuck Stevens, GM executive vice president and chief financial officer.
(Source:www,ruters.com & www.prnewswire.com)
