GM's 2018 1st quarter profit is $2.6 billion before taxes, automaker reports
DETROIT – General Motors Co. announced Thursday its 1st quarter profit for 2018 is $2.6 billion before taxes.
The automaker also reported a $1.1 billion income from continuing operations and said "income from continuing operations was impacted by a $0.9 billion special charge related to Korea restructuring."
GM also reported $36.1 billion in revenue for the first quarter.
"As expected, first-quarter free cash fow was meaningfully below the first quarter of 2017 primarily due to planned, lower full-size truck production, and incremental capital spending to support the launches of GM’s all-new Chevrolet Silverado, GMC Sierra and GEM. GM continues to expect its 2018 core adjusted automotive free cash fow to be in line with 2017 results as the company benefits from strong EBIT-adjusted performance and favorable seasonal cash fow factors later this year."
Here's a breakdown of the first quarter results from GM (EBIT stands for "earnings before interest and taxes"):
- EPS-diluted of $0.77 and EPS-diluted-adjusted of $1.43
- Revenue of $36.1 billion
- GM North America EBIT-adjusted of $2.2 billion and margin of 8.0 percent
- GM North America is on track to sustain 10 percent full-year margin
- GM International EBIT-adjusted of $0.2 billion, includes record equity income in China of $0.6 billion
- GM Financial EBT-adjusted of $0.4 billion, nearly double year over year
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