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.
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