GM Reports First Quarter Profit
DETROIT (TheStreet) -- General Motors reported its first quarterly profit since 2007, reflecting improvement in the global automotive market.
The automaker reported net income of $ 865 million or $1.66 a share. Revenue was $31.5 billion. In the same period a year earlier, the company lost $6 billion, or $8.78 a share.
Operating income was $1.2 billion and adjusted earnings before interest and tax was $1.7 billion. GM North America reported EBIT of $1.2 billion, compared with a loss of $3.4 billion in the fourth quarter. GM Europe reported an EBIT improvement of $300 million from the fourth quarter, while GM International reported an improvement of $500 million.
"We're pleased with our first quarter performance, in particular achieving profitability," said CFO Chris Liddell, in a prepared statement. "In North America we are adding production to keep up with strong demand for new products in our four brands. We're also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet."Cash flow from operating activities was $1.7 billion. Free cash flow after adjusting for capital expenditures was $1 billion. GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
More on Automotive
|Mulally Can Drive Ford Past 65
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV