Mexican Media Brands
North American Results Boost GM Earnings
General Motors Co. boosted net earnings to $945 million in the first quarter of 2015 from $213 million in the same period last year.
#economics
Share
General Motors Co. boosted net earnings to $945 million in the first quarter of 2015 from $213 million in the same period last year.
Unit deliveries rose 2% to 2.40 million units as gains in China and North America offset slumps in Brazil and Russia. Unfavorable exchange rates caused revenue to drop 5% to $35.7 billion.
Special charges included a $100 million addition to the company's ignition-switch recall compensation fund and $400 million to halt operations in Russia.
GM's adjusted earnings before interest and taxes, which include $1.3 billion in recall expenses, quadrupled to $2.1 billion. EBIT, led by strong results in North America, improved in all other regions except South America.
In North America, an 8.8% operating margin and $2.2 billion operating profit were the region's best results since GM emerged from bankruptcy nearly six years ago.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.