DETROIT – General Motors Co. today announced third quarter net income attributable to common stockholders of $1.4 billion, or $0.81 per diluted share. A net loss from special items reduced net income by $0.3 billion, or 16 cents per diluted share.
Special items were primarily related to flood damage sustained at the GM Technical Center in Michigan and long-lived asset impairments in Russia.
“Strong global sales and growing margins in North America and China helped GM deliver very solid third quarter results,” said GM CEO Mary Barra. “Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy.”
In the third quarter of 2013, GM’s net income attributable to common stockholders was $0.7 billion, or $0.45 per diluted share, which included a net loss from special items that reduced net income attributable to common stockholders by $0.9 billion, or $(0.51) per diluted share.
Earnings before interest and tax (EBIT) adjusted was $2.3 billion and included the impact of $0.2 billion in restructuring costs for actions taken in GM Europe. This compares to the third quarter of 2013, when the company recorded EBIT-adjusted of $2.6 billion, which included $0.1 billion in restructuring costs.
Net revenue in the third quarter of 2014 was $39.3 billion, compared to $39.0 billion in the third quarter of 2013. In the first nine months of 2014, revenue rose to $116.3 billion, up from $114.9 billion in the same period a year ago.