General Motors Company (NYSE:GM) released its latest earnings report before opening bell this morning, posting earnings of 97 cents per share, excluding items, on revenue of $39.3 billion. Analysts had been expecting earnings of 95 cents per share on $39.5 billion in revenue.
Key metrics from General Motors’ earnings report
Reported earnings per share were 81 cents. General Motors Company (NYSE:GM) reported a net loss of 16 cents per share due to flood damage at its Michigan technical center and “long-lived asset impairments in Russia.” In the same quarter last year, reported earnings were 45 cents per share, including special items of 51 cents per share.
Adjusted EBIT was $2.3 billion for the quarter, compared to $2.6 billion last year. Net revenue was $39.2 billion this year, compared to $39 billion in last year’s third quarter.
General Motors’s earnings by segment
General Motors Company (NYSE:GM) reported adjusted EBIT of $2.5 billion in North America, which was slightly ahead of last year’s $2.2 billion. The company’s margin in North America was strong, at 9.5%. In Europe, the automaker recorded an adjusted EBIT loss of $.4 billion, including restructuring costs. In the same quarter last year, GM reported an adjusted EBIT loss of $.2 billion.
The automaker’s International Operations saw adjusted EBIT of $.3 billion, which was flat with last year. In South America, GM was break even, compared to adjusted EBIT of $.3 billion last year. GM Financial’s EBIT was $.2 billion, which was flat with last year.
“Strong global sales and growing margins in North America and China helped GM deliver very solid third quarter results,” CEO Mary Barra said in a statement this morning. “Despite industry challenges in Russia and South America, our earnings were on plan as we continue to executive our customer-focused strategy.”
GM’s new vehicles
During the current quarter, GM is launching the new GMC Canyon and Chevy Colorado pickup trucks in the U.S. Other launches include the Cadillac ATS-L, the Buick Envision and Chevy Cruze in China and in Europe, the ADAM ROCKS and the Opel Corsa.
The automaker also introduced 4G-LTE mobile broadband in 33 of its vehicles this year, which is a higher number than the rest of the industry combined. More than 12 more models will have it by the end of next year.