General Motors Co. (NYSE: GM) today announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5\u00a0billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense.<\/p>\n
Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock. Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012.<\/p>\n
Net revenue during the quarter was $39.0\u00a0billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012.<\/p>\n
\u201cWe made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand,” said Dan Akerson, GM chairman and CEO. \u201cOur efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody\u2019s investment grade rating.\u201d<\/p>\n
Cash Flow and Liquidity<\/b><\/p>\n
For the quarter automotive cash flow from operating activities was $3.3 billion and adjusted automotive free cash flow was $1.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $26.8 billion compared with $24.2 billion for the second quarter of 2013.<\/p>\n
\u201cDuring the quarter strong demand for new vehicles like the Cadillac ATS, Chevrolet Onix and the all-new Chevrolet Silverado helped boost our top-line,\u201d said Dan Ammann, GM executive vice president and CFO. \u201cWe also further strengthened our fortress balance sheet and reduced our cost of capital through our $4.5 billion refinancing of high cost obligations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
General Motors Co. (NYSE: GM) today announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5\u00a0billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental …<\/p>\n