Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
GM Reports $1.4 Billion Profit in Third Quarter
DETROIT -- General Motors Co. today it posted a third-quarter profit of $1.4 billion, or 81 cents per share, up from $700 million, or 45 cents a share, during the same period last year.
The gains were largely because of improved auto markets in North America and China, said GM CEO Mary Barra. "Strong global sales and growing margins in North America and China helped GM deliver very solid third quarter results," she said. "Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy."
Special items related to asset impairments in Russia and flood damage sustained at the GM Technical Center in Michigan reduced earnings during the quarter by $300 million, or 16 cents a share, GM said.
Net revenue rose to $39.3 billion compared to $39 billion during the third quarter of 2013, the automaker reported. Through the first nine months of 2014, net revenue rose to $116.3 billion, up from $114.9 billion during the same period a year ago.
“Strong performance in North America, where we achieved a 9.5% margin, anchored our overall results,” said Chuck Stevens, GM executive vice president and chief financial officer. “We remain focused on flawlessly launching key vehicles globally in the coming months, while delivering a positive experience for our customers.”
Key vehicle launches taking planned for the fourth quarter include the recently introduced GMC Canyon and Chevrolet Colorado mid-sized pickups in the U.S., the Cadillac ATS-L, Buick Envision and Chevrolet Cruze in China, and the Opel Corsa and Adam Rocks in Europe. The company also has introduced 4G LTE high-speed mobile broadband in 33 vehicles this year, more than the rest of the industry combined, and plans to introduce it on more than a dozen additional models by the end of 2015.
SOURCE: General Motors Co.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.