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General Motors 2Q profit sets record

Xinhua, July 22, 2016 Adjust font size:

General Motors (GM) announced on Thursday that it earned 2.87 billion dollars in profits in the second quarter of this year, more than doubling its earnings in the same period of last year and setting a post-bankruptcy record.

Earnings per share of the U.S. automaker came to 1.81 dollars, higher than market analysts' expectations for 1.52 dollars a share, and up significantly from the 67 cents a share earned a year ago.

As a result, GM has raised its earnings per share expectations for the full year to 5.5 dollars to 6 dollars per share, up from the 5.25-to-5.75-dollar range a share given at the beginning of 2016.

The Detroit-based automaker attributed this record result to a strong performance in North America and China and its profitability in Europe for the first time since the second quarter of 2011.

To be specific, GM earned 3.6 billion dollars in pretax profit in North America in the second quarter of this year, raked in 500 million dollars through its joint venture in China, and managed a 137-million-dollar pre-tax profit in Europe.

GM's revenue in the second quarter was 42.4 billion dollars, up 11 percent year on year.

GM's vehicles sales in the U.S. fell 4.4 percent in the first half of this year; that in China went up 5.3 percent to a record 1.81 million units; and that in Europe rose 4.7 percent.

Globally, GM's vehicle sales totaled 4.76 million units in the first half, down 1.2 percent year on year. Endit