General Motors has reported strong earnings growth for the second quarter with net income attributable to common stockholders of $1.1 billion.
24 Jul 2015 | 2776 Views | By Autocar Professional Bureau
General Motors has reported strong earnings growth for the second quarter with net income attributable to common stockholders of $1.1 billion. Earnings before interest and taxes (EBIT) adjusted increased to $2.9 billion and EBIT-adjusted margin grew to 7.5 percent.
“The first two quarters of the year were strong as ...
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General Motors has reported strong earnings growth for the second quarter with net income attributable to common stockholders of $1.1 billion. Earnings before interest and taxes (EBIT) adjusted increased to $2.9 billion and EBIT-adjusted margin grew to 7.5 percent.
“The first two quarters of the year were strong as we fully capitalised on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market,” said GM CEO Mary Barra. “We said our goal was to improve our earnings and margins this year, and we are on-plan. Consistent with that, we believe our results in the second half of the year will be even better than the first half, and we’re confident we will meet our 2016 targets.”
Net revenue in the second quarter of 2015 was $38.2 billion, compared to $39.6 billion in the second quarter of 2014. The change in revenue is more than attributed to a negative net foreign currency exchange impact. Holding exchange rates constant, net revenue was $0.9 billion higher than the second quarter of 2014.
“Our plan is generating results and giving us momentum,” said Chuck Stevens, executive vice-president and chief financial officer. “Record margins in North America and strong margins in China produced a second quarter that demonstrates the earnings power of this company. We expect continued strong performance in these key markets.”