With Opel Back In Black, GM Records $2.5b Profit in Q2
GM has announced its Q2 earnings [ Analyst slides in PDF here], and the firm has recorded a healthy $2.5b profit for the quarter on strong North American performance and an end to losses from the European Opel division. In fact, on an EBIT (earnings before interest and taxes) basis, all of GM’s global divisions were in the black last quarter, although GM Europe and GM South America both recorded modest $100m gains and GMIO (which includes the lucrative Chinese market) recorded a $600m EBIT. The powerhouse continues to be GM North America, which recorded $2.2b in EBIT, continuing North America’s post-bailout importance as the driver of GM’s financial results. Globally, a $600m reduction in EBIT due to costs and “other” was offset by the same amount of gains in volume/mix, while pricing added a billion dollars to overall EBIT. And though fleet sales were up in North America, incentives for the quarter appear to have hit record lows. [Hit the jump for global deliveries and market share/fleet data, via GM’s financial highlights release].
More by Edward Niedermeyer
Comments
Join the conversation
I don't follow the stock market that close. The ups, and downs,and ins, and outs, are beyond my thinking. Thats kind'a why I pay an expert to do it for me. However I do understand basic math. Yup, GM stock is down, Ford to. Look even Toyota. Royal Bank of Canada, a major blue chip is down. Oil is bellow $100,and falling. The Loony, and the Greenback are moving a little closer. WTF does it all mean,and what are the ramifications? I havn't a clue. So prey tell,.. "highdesertcat" How can you possibly predict that the taxpayers of United States and Canada,and for that matter the UAW will not get thier money back?
@highdesertcat...Let me ask you this. No matter how you got there,the U.S. tax payers own 32% of GM.....Right? So... as a US taxpayer,would you rather GM make a profit, or not?
The General is back. Deathwatch? LOL
I wouldn't expect GM to be paying a lot of taxes in the future: http://online.wsj.com/article/SB10001424052748704462704575590642149103202.html