GM announces first-quarter net income results

General Motors Co. today announced first-quarter net income attributable to common stockholders of $0.9 billion, or $0.56 per diluted share.

This is compared with a net income of $0.1 billion reported in the first quarter of 2014.

But this year's first quarter included a net loss of $0.5 billion, or $0.30 per diluted share.

The causes of the quarter's loss included a $0.4 billion spent in the change of the company’s business model in Russia and $0.1 billion for an adjustment to the estimated costs of the ignition switch compensation program.

In the first quarter of 2014, GM’s net income attributable to common stockholders was $0.1 billion, or $0.06 per diluted share, including a net loss from special items of $0.4 billion or $0.23 per diluted share, and the impact of recall-related pre-tax costs of $1.3 billion, or $0.48 per diluted share.

Earnings in the first quarter 2015 before interest and tax (EBIT) adjusted came in at $2.1 billion and included the impact of $0.1 billion in restructuring costs. This compares to the first quarter of 2014, when the company recorded EBIT-adjusted of $0.5 billion, which included recall-related pre-tax costs of $1.3 billion and $0.3 billion in restructuring costs.

Net revenue in the first quarter of 2015 was $35.7 billion, compared to $37.4 billion in the first quarter of 2014.

“Our results in the first quarter provide a solid foundation to achieve our financial commitments for the year,” GM CEO Mary Barra said. “Continued execution of our plan, including our capital allocation framework, will drive profitable growth, return on invested capital and shareholder value.”

For the complete story, read Friday's Vindicator and Vindy.com