GM North America reported a first-quarter EBIT-adjusted of $2.3 billion, GM Europe reported EBIT-adjusted break-even results, GM International Operations reported EBIT-adjusted of $0.4 billion, GM South America reported EBIT-adjusted of $(0.1) billion, GM Financial reported earnings before tax of $0.2 billion.
Advertisement
GM’s North American retail market share rose by 1.1% year over year to 16.4% in the first quarter. Burke & Herbert Bank & Trust Company now owns 22,535 shares of the auto manufacturer’s stock worth $317,000 after buying an additional 254 shares in the last quarter.
Chief Executive Officer Mary Barra has stepped up efforts to persuade skeptical investors that GM can deliver consistently strong profits – and return billions to shareholders – through the ups and downs of the industry’s sales cycles. The iconic auto maker crushed its earnings and revenue expectations for its first fiscal (and calendar) quarter of 2016, sending GM shares higher to the tune of 4%.
USA vehicle sales set a record past year and are on pace to top that in 2016, but many investors see signs of the start of a cyclical drop off, which has put pressure on share prices.
General Motors said that it earned $1.26 per share in the first quarter on revenue of $37.3 billion.
The company posted record adjusted first-quarter earnings before interest and tax of $2.3bn, which includes $200m for restructuring costs. 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. Adjusted automotive free cash flow was $(1.5) billion, improved from $(1.7) billion in the first quarter of 2015. The automaker reduced headcount in the region by more than 20 percent in the previous year, Stevens said.
Buckingham Capital Management Inc. decreased its position in shares of Ford Motor Company (NYSE:F) by 1.8% during the third quarter, according to its most recent Form 13F filing with the SEC.
Advertisement
Stevens affirmed the company’s target for 8 per cent profit margins in Europe over the next several years, but said the possibility that the United Kingdom will leave the European Union is a concern. Income from joint ventures in China was flat at US$500 million for the quarter. During the same period in the prior year, the business earned $0.26 earnings per share. The company has also made moves to keep up with self-driving vehicles and other technological advances. On Thursday, Ms Barra said the company expected to close its deal to buy Cruise Automation, a self-driving vehicle startup.
