GM earnings down in third quarter
Detroit – General Motors has announced third quarter net income attributable to common stockholders of $1.7 billion, or $1.03 per fully-diluted share. In the third quarter of 2010, GM’s net income attributable to common stockholders was $2.0 billion, or $1.20 per fully-diluted share.
Net revenue increased $2.6 billion to $36.7 billion, compared with the third quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, compared with $2.3 billion in the third quarter of 2010. There were no special items in either period.
“GM delivered a solid quarter thanks to our leadership positions in North America and China, where we have grown both sales and market share this year. But solid isn’t good enough, even in a tough global economy,” said Dan Akerson, chairman and CEO.
“Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.”
GM North America (GMNA) reported EBIT-adjusted of $2.2 billion, an improvement of $0.1 billion compared with the third quarter of 2010. GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion, an improvement of $0.3 billion compared with the third quarter of 2010. GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion, down $0.1 billion from the third quarter of 2010 while GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, down $0.2 billion from the third quarter of 2010.