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Another Splendid Year For General Motors

16 Feb 2013

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Chairman/CEO   General Motors , Dan Akerson   

2012 WAS ANOTHER SOLID YEAR FOR AMERICAN AUTO GIANT, GENERAL MOTORS, AS THE COMPANY RECORDED  A WHOPPING $4.9BN NET INCOME JUST AS IT POSTED A THIRD CONSECUTIVE YEAR OF STRONG EARNINGS, WRITES OLAOLU OLUSINA.

The Chairman and CEO of the American auto giant, General Motors, is quite happy with the results posted by his company in 2012. And he couldn’t just hide his excitement at the development. For the third consecutive year, GM has continued to post strong earnings as it recorded a whopping $4.9 billion as net income in 2012.

GM  also raised its fourth quarter net income by $0.9 billion, up from $0.5 billion in the previous year just as earnings before interest and tax (EBIT) was adjusted by $1.2 billion in the fourth quarter, up from $1.1 billion in 2011.

“We recorded another solid year in 2012 as we grew the business, delivered a third straight year of profitability and took significant actions to put the company on a solid path for future growth,” chairman/CEO , Dan Akerson, said in a statement issued in Detroit, USA on Thursday and made available to THISDAY in Lagos  by  the Corporate & Internal Communications Officer, General Motors South Africa, Lunga N. Ntsendwana.

“This year our priorities will be executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value.”

According to the statement,. “Revenue increased 1 percent to $152.3 billion, compared with $150.3 billion in 2011.  Full-year earnings before interest and tax (EBIT) adjusted was $7.9 billion, compared with $8.3 billion in 2011.  Full-year EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.4) billion.

‘”Revenue in the fourth quarter of 2012 increased 3 percent to $39.3 billion, compared with the fourth quarter of 2011.  GM’s fourth quarter 2012 net income attributable to common stockholders was $0.9 billion, or $0.54 per fully diluted share, including a net gain from special items of $0.1 billion or $0.06 per fully diluted share. 

“In the fourth quarter of 2011, GM’s net income attributable to common stockholders was $0.5 billion, or $0.28 per fully diluted share, including a net loss from special items of $(0.2) billion, or $(0.11) per fully diluted share.
“EBIT-adjusted was $1.2 billion in the fourth quarter of 2012, compared with $1.1 billion in the fourth quarter of 2011. Fourth quarter EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.2) billion.”

The statement indicated further that GM ended 2012 with strong total automotive liquidity of $37.2 billion compared with $37.0 billion at year-end in 2011.  “Automotive cash and marketable securities was $26.1 billion at the end of 2012, compared with $31.6 billion a year earlier. GM expects capital expenditures for 2013 to be similar to 2012,” it added.

With leadership positions in the world’s largest and fastest-growing automotive markets., General Motors Co. and its partners produce vehicles in 30 countries. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling.

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