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Η GM ανακοίνωσε τα οικονομικά της αποτελέσματα για το πρώτο τρίμηνο του 2014 και αυτό που γίνεται άμεσα εμφανές, είναι η επίδραση που είχαν οι ανακλήσεις σε αυτά.

Πιο συγκεκριμένα, τα έσοδα της GM αυξήθηκαν κατά περίπου 1% για να φτάσουν τα 37,41 δισεκατομμύρια δολάρια. Όμως το κόστος της ανάκλησης που ακούμπησε τα 1.3 δις δολάρια αλλά και μία ζημιά της τάξης των 400 εκατομμυρίων δολαρίων επιπλέον, ανάγκασαν το κέρδος της General Motors να πέσει στα 125 εκατομμύρια μόλις, 86% κάτω συγκρινόμενο με το αντίστοιχο μέγεθος στο πρώτο τρίμηνο του 2013. Για την ιστορία, να αναφέρουμε πως παρότι αυτό είναι το χειρότερο τρίμηνο της εταιρίας από το 2009, η μετοχή της σημείωσε έκλεισε στο +3,7%.

Η απόδοση της βασικής μας επιχείρησης ήταν πολύ δυνατή αυτό το τρίμηνο, αντανακλώντας την θετική ανταπόκριση των πελατών στα νέα μοντέλα που φέρνουμε στην αγορά.

Δήλωσε η Mary Barra. Σε γενικές γραμμές, το πρώτο τρίμηνο του 2014 είναι μία περίοδος που η General Motors θα θέλει να ξεχάσει και να ξεπεράσει όσο το δυνατόν ταχύτερα. Εκτός από τα 2.6 εκατομμύρια οχήματα που ανακλήθηκαν λόγω προβλημάτων στη μίζα, η εταιρία είχε να επιδιορθώσει το ελαττωματικό υδραυλικό σύστημα στο τιμόνι 1.3 οχημάτων και τους ελαττωματικούς κυλίνδρους στη μίζα 2,19 εκατομμυρίων οχημάτων που δεν άφηναν το κλειδί να βγει. Και αυτές ήταν μόνο οι μεγάλες ανακλήσεις, με την GM να εξακολουθεί να χάνει χρήματα στην Ευρώπη. 284 εκατ. δολάρια έβαλε μέσα την GM το πρώτο τρίμηνο η Opel.

Η εταιρία δεν έκανε προβλέψεις για το δεύτερο τρίμηνο του έτους, ωστόσο θα έχει εξαιρετικό ενδιαφέρον να δούμε πώς θα εξελιχθεί και οικονομικά η υπόθεση.

Δελτίο Τύπου

GM Reports First Quarter Net Income of $0.1 Billion

Net income reduced by recall charge and special items

  • EBIT-adjusted of $0.5 billion, reduced by $1.3 billion pre-tax recall charge and $0.3 billion in restructuring costs
  • Company records strong core operating performance in first quarter
  • Revenue and free cash flow improved year-over-year

DETROIT – General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.1 billion, or $0.06 per diluted share. Strong core operating performance during the quarter was more than offset by a net loss from special items of $0.4 billion, or $(0.23) per diluted share, and a $1.3 billion pre-tax charge primarily for the cost of recall-related repairs, or $(0.48) per diluted share.

Special items in the quarter were primarily related to changing the exchange rate GM uses for re-measuring the net assets of its Venezuelan subsidiaries.

In the first quarter of 2013, GM’s net income attributable to common stockholders was $0.9 billion, or $0.58 per diluted share, including a net loss from special items of $0.2 billion or $(0.09) per diluted share.

Earnings before interest and tax (EBIT) adjusted was $0.5 billion and included the impact of a $1.3 billion pre-tax charge for recall-related costs and $0.3 billion in restructuring costs. This compares to the first quarter of 2013, when the company recorded EBIT-adjusted of $1.8 billion, which included a pre-tax charge of $0.1 billion for recalls and $0.1 billion in restructuring costs.

Net revenue in the first quarter of 2014 was $37.4 billion, compared to $36.9 billion in the first quarter of 2013.

“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra. “ Our focus remains on creating the world’s best vehicles with the highest levels of safety, quality and customer service, while aggressively addressing our business opportunities and challenges globally.”

GM Results Overview (in billions except for per share amounts)

Q1 2014

Q1 2013

Revenue

$37.4

$36.9

Net income attributable to common stockholders

$0.1

$0.9

Earnings per share (EPS) diluted

$0.06

$0.58

Impact of special items on EPS diluted

$(0.23)

$(0.09)

EBIT-adjusted

$0.5

$1.8

Automotive net cash flow from operating activities

$2.0

$0.5

Adjusted automotive free cash flow

$0.2

$(1.3)

Segment Results

  • GM North America reported EBIT-adjusted of $0.6 billion which included the impact of a $1.3 billion pre-tax charge for recall costs in the quarter. This compared with EBIT-adjusted of $1.4 billion in the first quarter of 2013.
  • GM Europe reported EBIT-adjusted of $(0.3) billion, which includes $0.2 billion for restructuring costs. This compares with EBIT-adjusted of $(0.2) billion in the first quarter of 2013.
  • GM International Operations reported EBIT-adjusted of $0.3 billion, compared with EBIT-adjusted of $0.5 billion in the first quarter of 2013.
  • GM South America reported EBIT-adjusted of $(0.2) billion, compared with EBIT-adjusted of $0.0 billion in the first quarter of 2013.
  • GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.2 billion in the first quarter of 2013.

Cash Flow and Liquidity

First quarter automotive cash flow from operating activities of $2.0 billion and automotive free cash flow of $0.2 billion were both significantly improved compared with the first quarter of 2013. GM ended the quarter with very strong total automotive liquidity of $37.4 billion. Automotive cash and marketable securities was $27.0 billion compared with $27.9 billion at year-end 2013.

“Our revenue and cash flow improved this quarter and our underlying business performance remains on plan,” said Chuck Stevens, GM executive vice president and CFO. “Executing flawless launches and using our strength in the U.S. and China to restructure key global operations will continue to be our focus this year.”

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.