logo
Share SHARE
FONT-SIZE Plus   Neg

General Motors Q1 Profit Slumps - Quick Facts

General Motors Co. (GM, GMM.TO) reported a fall in first-quarter net income attributable to common stockholders to $1.0 billion, or $0.60 per share from $3.2 billion, or $1.77 per share in the year-ago quarter. The company said latest quarter's results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per share.

On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.85 for the quarter. Analysts' estimates typically exclude one-time items.

Revenue for the recent quarter totaled $37.8 billion, compared with $36.2 billion in the previous year. Eight analysts estimated revenues of $37.59 billion for the quarter. Adjusted earnings before interest and tax or adjusted-EBIT were $2.2 billion, an increase of $0.2 billion compared with $2.0 billion in the first quarter of 2011.

With the strengthening U.S. economy helping release pent-up demand, GM currently expects full-year 2012 U.S. light vehicle sales to be in the 14.0 million - 14.5 million range. Previously, the company expected sales to fall between 13.5 million - 14.0 million units.

Based on the company's current forecast, GM North America's results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012, due to the scheduled downtime at factories that produce full-size trucks.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT