GM announces revenue spike of 15%, tripling first quarter profits
GM has released its numbers for its first quarter, showing that its revenues have increased by 15 percent and that their profits have tripled when compared with the same time last year. That said, they also announced that they still have the potential to greatly increase their performance.
The chief financial officer for the company, Dan Ammann said that “We are certainly holding ourselves to a higher standard,” and that “We expect improvements.” This has been the fifth consecutive quarter that GM has seen a profit.
Despite these notable advances within GM’s operations in North America, it continues to work to perfect its product combination, cost structure, and incentive spending within this region.
Morgan Stanley analyst, Adam Jones, released a research note that said “North American auto profit was the biggest disappointment of the quarter”.
In North America alone, before taxes, the profit reported by GM was $2.9 billion. That said, the number slid to $1.3 billion after the exclusions of special items such as the Delphi Automotive ownership sale as well as their Ally Financial preferred stock.
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