GM 3Q 2014 Profit up 197%

North American pickups keep profits rolling in.

Wayne Gerdes - CleanMPG - Oct. 23, 2014



GM announced third quarter net income attributable to common stockholders of $1.38 billion, or $0.81 per diluted share. This is up 197 percent from the $698 million or $0.45 per diluted share the company earned in the 3Q of 2013. Excluding one-time special item costs related mostly to Russia, GM earned $0.97 per share.



GM revenue was up .7 percent to $39.255 billion from $38.983 billion in the 3Q of 2013.



GM Regional Results



North America posted an operating profit of $2.45 billion during the quarter, up from $2.2 billion a year earlier. North American operating margin are now at a healthy 9.5%.



In Europe GM posted another operating loss of $387 million including $200 million in restructuring charges. GM forecasts Europe to breakeven sometime in 2016.



In South America, GM reported a slight loss of $32 million.



In China, record 3Q deliveries and continued strong margin performance helped the company record an operating profit of $259 million.



GM CEO Mary Barra:

Quote:

“Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy.”

10/24/2014 CYTD GM Stock Price Activity

The automaker recorded a $2.5 billion charge for recall related repairs in the first half of 2014 and hopefully that will cover the entire years financial hit from the overwhelming number of recalls.

GM 3Q 2014 Profit up 197%