GM Q1 Revenue Surges
Net income attributable to common stockholders was $3.2 billion for the first quarter of 2011, compared to $0.9 billion for the same period of 2010. Earnings before interest and tax (EBIT) were $3.5 billion, compared to $1.8 billion for the same period of 2010.
For the first quarter of 2011, automotive cash flow from operating activities was $0.6 billion and automotive free cash flow was $1.9 billion. Both figures include the $2.5 billion cash impact of GMâ€™s decision, announced in October 2010, to end a wholesale advance agreement with Ally Financial.
GM ended the first quarter of 2011with very strong total liquidity of $36.5 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $30.6 billion compared with $27.6 billion at the end of the fourth quarter of 2010.
GM expects that full-year 2011 EBIT-adjusted results will show solid improvement over 2010. GM continues to expect no material impact on full-year results from the Japan crisis.
Dan Akerson, chairman and CEO of GM, said "We are on plan, GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth."
Dan Ammann, senior vice president and CFO of GM, said: "GM has great potential to deliver profitable growth around the world as the recovery continues. While weâ€™re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet."
Will the firm further improve revenue in Q2?
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