GM Q1 Profit: $865m After Dividends
Well, the suspense is over. General Motors announced its Q1 earnings this morning, and for the first time since 2007 the quarterly numbers are positive. GM’s net revenue jumped to nearly $31.5b on strong performances from its North American and GM International Operations (GMIO), and across-the-board sales improvement for the Chevy brand. General Motors Europe was The General’s sole unprofitable division for the quarter, losing half a billion dollars while it waits for a deal on financial assistance to clear. Operating cash flow was $1.75b, with about $755m of that going towards capital expenditures. That left just under a billion dollars in free cash flow, as GM finished the quarter with $35.7b in cash on hand. Net income attributable to shareholders was $1.068b, less $203m for cumulative dividends, for a total net profit of $865m [Full financial highlights in .doc format available here].
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I don't want to jump on the GM bash wagon but did anyone else notice the fleet sales numbers? U.S. Retail/Fleet Mix 2010 vs 2009 % Fleet Sales - Cars 40.6% vs 19.9% % Fleet Sales - Trucks 24.5% vs 15.2% Total Vehicles 30.9% vs 17.1%
"Who is buying the new GM cars-certainly not anyone who has owned a few Honda products." "Good to hear the quality of paint on Government Motors vehicles continues to be atrocious." Do we really need anecdotal stupidity from the usual suspects? I realize its a tough time for the haters. I feel your pain.
I don't really get why everyone is talking about taking a bath on GM investments.. I bought their bonds for pennies on the dollar while they were going bankrupt for the months it took to finally declare.. I got paid dividends that nearly covered my investment, bringing my cost on the bonds to nearly zero.. and now I am the only owner (outside of the US Gov't) of the new soon to be issued stock. The bonds I bought for $2 and $3 ARE currently trading at $8+, and can still be bought. Actually it is the only way to own the future stock.. How many Large Cap funds are going to NOT buy this stock on day one..(hint, answer is between 1 and 2)
After actually reading the financials (which presaged GM's eventual death in the 70s) I'm thoroughly amused that anyone saw a 'profit'. kevbelz, good luck. Perhaps it'll work out for you - on the taxpayers dime. GM is a dead man walking. Anyone with their head outta their ass knows it.