General Motors Co. posted $1.5 billion in net income attributable to common stockholders, or $0.89 per fully diluted share, for the third quarter of 2012. The figures included the impact of special items, which cut net income by $0.1 billion and diluted earnings per share by $0.04. The figures were also lower than the ones posted in the third quarter of 2011, when GM’s net income attributable to common stockholders was $1.7 billion, or $1.03 per fully diluted share. GM logged $37.6 billion in net revenue in the third quarter of 2012, compared with $36.7 billion in the same period in 2011. The carmaker also posted $2.3 billion in earnings before interest and tax (EBIT) adjusted in the third quarter of 2012, compared with $2.2 billion in the same period in 2011.
GM Chairman and chief executive Dan Akerson remarked that the carmaker had a solid quarter because customers around the world love their new vehicles. He added that GM is seeing “green shoots” take hold on issues like complexity reduction, pensions and Europe.
GM Senior Vice President and CFO Dan Ammann said that the company will keep playing offense with growth products like the Chevrolet Onix, Opel Mokka and Cadillac ATS and will continue to systematically address business risks. Ammann admitted that GM still has a lot of work to do, especially in Europe, noting that it is encouraging to see the company’s results begin to reflect the discipline they bringing to bear on the overall business.
