Filed under: GM, Earnings/Financials
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With the third quarter of 2013 wrapping up, General Motors has published its quarterly earnings, announcing a net income of $700 million, a significant drop from Q3 2012’s $1.5 billion in net income. The drop is being blamed on a $900 million loss from “special items,” $800 million of which was part of a 120-million share repurchase of preferred stock. GM also lost $500 million on tax expenses.
Despite the drop in income, net revenue was up $1.4 billion year-over-year, from $37.6 billion in Q3 of 2012 to $39 billion in Q3 2013. Earnings before interest and tax climbed to $2.6 billion from $2.3 billion. “We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand,” Dan Akerson, GM’s chairman and CEO, said.
Globally, GM reported a smaller drop in earnings before interest and tax tax in Europe, losing $300 million less than in the same period of 2012. South American EBIT was up $100 million from Q3 of 2012, to $300 million, while GM’s International Operations saw a $500 million decline in third quarter EBIT, from $800 million to $300 million. Have a look below for the entire press release from GM.Continue reading GM reports $700M net income for Q3
GM reports $700M net income for Q3 originally appeared on Autoblog on Wed, 30 Oct 2013 14:01:00 EST. Please see our terms for use of feeds.
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