General Motors today announced its net income for the first quarter of 2016 was $2 billion or $1.24 per diluted share, which is up 47 percent compared to 2015. Last year, GM’s first quarter net income was $0.9 billion or $0.56 per diluted share. Earlier this year, the company adjusted its 2016 earnings outlook by $0.25.

The earnings increase for the first quarter of 2016 was driven mainly by improved year-over-year results in all segments and breakeven performance in Europe. “We’re growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China,” said Chairman and CEO Mary Barra. “This strong quarter also reflects the excellent progress we’re making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility.”

Included in the first quarter 2016 EBIT-adjusted (earnings before interest and tax) results is a $0.3 billion restructuring cost in North America. In total, GM’s net revenue for the first quarter of 2016 is $37.3 billion versus $35.7 billion during the first quarter of 2015. With exchanges rates constant, GM’s net revenue was $2.9 billion higher than during the first quarter of 2015.

GM International Operations stayed at $0.4 billion, which includes the China equity income of $0.5 billion for 2016 and 2015. GM South America was the only sector that reported a slight drop at $0.1 billion for the first quarter of 2016 versus $0.2 billion last year. On the other hand, GM Financial reported earnings of $0.2 billion before taxes, which is equal to 2015.

Source: General Motors

 

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