Filed under: GM, Earnings/Financials
Ford isn’t the only American automaker that’s in the money. General Motors has just reported a second quarter income of $1.2 billion, although that number actually represents a year-to-year drop compared to Q2 2012. This drop can be chalked up to the expense behind launching a new line of full-size pickup trucks (the 2014 GMC Sierra and Chevrolet Silverado), as well as the acquisition of GM Korea. Aside from those one-time costs, GM reported a seven-percent increase in income before interest and taxes, to $2.3 billion.
Like Ford, GM also trimmed its European losses, but by a larger margin – where Ford’s losses were $58 million lower for Q2, GM slashed $284 million over the second quarter of 2012 (the equivalent of $71 million per quarter). GM’s North American success, like Ford’s, can be tied largely to strong demand for pickups. Even with the changeover from the old Sierra and Silverado to the new models, Automotive News reports that full-size truck profits actually increased by five percent versus 2012. According to AN, this is GM’s fourteenth straight quarter in the black since its bankruptcy in 2009.
For all the numerical details, check out GM’s official press release by scrolling below.
Continue reading GM joins Ford in booking $1.2B quarterly profit
GM joins Ford in booking $1.2B quarterly profit originally appeared on Autoblog on Thu, 25 Jul 2013 13:31:00 EST. Please see our terms for use of feeds.
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