by Zach Bowman (RSS feed) on May 5th, 2011 at 10:27AM
General Motors LogoGeneral Motors has just announced the company's financial results for the first quarter of 2011. The automaker pulled in a net income of $3.2 billion, marking the fifth-consecutive profitable quarter for the largest of the Big Three. Compared to one year ago, GM saw revenue increase by $4.7 billion to $36.2 billion. Additionally, GM says that net income attributable to common shareholders increased by $1.9 billion thanks to the sale of its stake in Delphi Automotive and Ally Financial, though the company saw a $400 million goodwill impairment charge at GM Europe and a $100 million change in tax regulations tied to the manufacturer's joint venture in India. As a result, total net income attributable to common shareholders totaled out at $1.5 billion.
All said, earnings before interest and tax were $3.5 billion, though that number dropped to $2 billion once adjusted to include special items. During the same period last year, EBIT was $1.7 billion.
GM says that it expects to see numbers besting those of the first quarter throughout the remainder of 2011. Hit the jump for the full press blast.
Source: Autoblog
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