GM Reports Second Quarter Net Income of $0.2 Billion

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DETROIT – General Motors Co. reported today, a second quarter net income attributable to common stockholders of $0.2 billion.

Strong core operating performance during the quarter was offset by a pre-tax net loss from special items of $1.3 billion, and costs of $1.2 billion pre-tax primarily for recall-related repairs.

“Our underlying business performance in the first half of the year was strong as we grew our revenue on improved pricing and solid new vehicle launches,” said Mary Barra, GM CEO. “We remain focused on keeping our customers at the center of all we do, and executing our plan to operate profitably in every region of the world.”

In the second quarter of 2013, GM’s net income attributable to common stockholders was $1.2 billion, which included a net loss from special items that reduced net income by $0.2 billion.

Earnings before interest and tax adjusted was $1.4 billion and included the impact of $1.2 billion in recall-related costs and $0.2 billion in restructuring costs. This compares to the second quarter of 2013, when the company recorded EBIT-adjusted of $2.3 billion, which included a charge of $0.2 billion for recalls and $0.1 billion in restructuring costs.

Net revenue in the second quarter of 2014 was $39.6 billion, compared to $39.1 billion in the second quarter of 2013. In the first six months of 2014, revenue rose to $77 billion, up from $76 billion in the same period a year ago.

For the quarter, automotive cash flow from operating activities was $3.6 billion and automotive free cash flow adjusted was $1.9 billion. GM ended the quarter with total automotive liquidity of $38.8 billion.  Automotive cash and marketable securities was $28.4 billion compared with $27.0 billion for the first quarter of 2014.

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