Sal Collaziano
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Filed under: Buick, Cadillac, Chevrolet, GM, GMC, Earnings/Financials
As the last of the Detroit automakers to check in with its first-quarter earnings in 2013, General Motors has announced that it saw a net income of $0.9 billion, which, according to Automotive News, is rounded up from $865 million, to go with Q1 revenue of $36.9 billion and a pre-tax profit of $1.8 billion. These numbers are all slightly lower than Q1 2012 in which GM posted a $1 billion net income, $37.8 billion in revenue and a pre-tax profit of $2.2 billion.
In North America, GM's pre-tax income was $1.4 billion (down from $1.6 billion last year), which, says AN, is being attributed to fullsize trucks with excessive rebates on existing models and idled plants retooling for the redesigned 2014 Chevrolet Silverado and GMC Sierra. GM Europe was the only division in which the automaker lost money with a pre-tax loss of $0.2 billion.
In comparing GM's Q1 earnings with its Detroit counterparts, Ford just posted a net income of $1.6 billion - and its highest quarterly pre-tax profit since 2000 - while Chrysler brought in $166 million. All three Detroit automakers posted a market share gain in the first quarter, which is an accomplishment that hasn't been achieved since Q1 1993. Scroll down below for the official announcement from GM.Continue reading GM nets $865M in Q1, down 14%
GM nets $865M in Q1, down 14% originally appeared on Autoblog on Thu, 02 May 2013 17:15:00 EST. Please see our terms for use of feeds.
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As the last of the Detroit automakers to check in with its first-quarter earnings in 2013, General Motors has announced that it saw a net income of $0.9 billion, which, according to Automotive News, is rounded up from $865 million, to go with Q1 revenue of $36.9 billion and a pre-tax profit of $1.8 billion. These numbers are all slightly lower than Q1 2012 in which GM posted a $1 billion net income, $37.8 billion in revenue and a pre-tax profit of $2.2 billion.
In North America, GM's pre-tax income was $1.4 billion (down from $1.6 billion last year), which, says AN, is being attributed to fullsize trucks with excessive rebates on existing models and idled plants retooling for the redesigned 2014 Chevrolet Silverado and GMC Sierra. GM Europe was the only division in which the automaker lost money with a pre-tax loss of $0.2 billion.
In comparing GM's Q1 earnings with its Detroit counterparts, Ford just posted a net income of $1.6 billion - and its highest quarterly pre-tax profit since 2000 - while Chrysler brought in $166 million. All three Detroit automakers posted a market share gain in the first quarter, which is an accomplishment that hasn't been achieved since Q1 1993. Scroll down below for the official announcement from GM.Continue reading GM nets $865M in Q1, down 14%
GM nets $865M in Q1, down 14% originally appeared on Autoblog on Thu, 02 May 2013 17:15:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
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