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    GM's Second-Quarter Sees Earnings Drop By 40%, Profit Up



    William Maley

    Staff Writer - CheersandGears.com

    August 2, 2012

    General Motors released their second quarter earnings report and the results are a bit disappointing. The company posted a net income of $1.5 billion and a revenue of $37.6 billion. Those numbers are significantly down from the same figures in the second quarter of 2011, when GM posted a net income of $2.5 billion and a revenue of $39.4 billion. That's a drop of 40% in income and a 4.6% drop in revenue.

    This announcement comes a day after GM released their sales results for July, which saw sales drop by 6% compared to 2011 sales. Part of the decline was due to declining fleet and rental sales. The other part was due to competitors like Toyota and Honda clawing back sales they had lost due the earthquake and tsunami last march.

    “Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM CEO Dan Akerson.

    Europe was what hurt GM the most, posting a $400 million loss in the second quarter. That's a 400% increase when compared to a $100 million loss in the second quarter of last year. South America operations broke even in this quarter, but had posted $100 million profit in the second-quarter of 2011. GM International Operations, which includes the Chinese and Indian markets, posted a profit of $600 million, which matches second quarter results from last year.

    North America was one bright spot for GM, posting a $2 billion profit for the quarter, down from $2.2 billion in the second quarter of 2011.

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    Press Release is on Page 2


    GM Reports Second Quarter Net Income of $1.5 Billion and EBIT-adjusted of $2.1 Billion

    DETROIT – General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully diluted share. In the second quarter a year ago, GM’s net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share.

    Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. The decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011. Total restructuring expense included in EBIT-adjusted for the second quarter of 2012 was $0.1 billion.

    “Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.”

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

    Q2 2012

    Q2 2011

    Revenue

    $37.6

    $39.4

    Net income attributable to common stockholders

    $1.5

    $2.5

    Earnings per share (EPS) fully diluted

    $0.90

    $1.54

    Impact of special items on EPS fully diluted

    -

    -

    EBIT-adjusted

    $2.1

    $3.0

    Automotive net cash flow from operating activities

    $3.8

    $5.0

    Automotive free cash flow

    $1.7

    $3.8

    Segment Results

    • GM North America (GMNA) reported EBIT-adjusted of $2.0 billion, compared with $2.2 billion in the second quarter of 2011.
    • GM Europe (GME) reported an EBIT-adjusted loss of $0.4 billion, compared with EBIT-adjusted of $0.1 billion in second quarter of 2011.
    • GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, equal to the second quarter of 2011.
    • GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, compared with EBIT-adjusted of $0.1 billion in the second quarter of 2011. The second quarter 2012 results include $0.1 billion in restructuring expenses.
    • GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.1 billion a year ago.
    • In the Corporate segment, GM reported EBIT-adjusted of $(0.2) billion, of which $(0.1) billion was attributable to a non-cash foreign exchange loss.

    Cash Flow and Liquidity

    For the quarter, automotive cash flow from operating activities was $3.8 billion and automotive free cash flow was $1.7 billion. GM ended the quarter with very strong total automotive liquidity of $38.5 billion. Automotive cash and marketable securities was $32.6 billion, compared with $31.5 billion at the end of the first quarter of 2012.

    At the end of the first quarter, GM indicated that GMNA’s results for the second and third quarters of 2012 were expected to be comparable to the first quarter. Second quarter GMNA results were stronger in part due to timing of spending that was deferred to the third quarter. GM continues to expect that the average of its second and third quarter EBIT-adjusted in GMNA will be comparable to first quarter results.

    “We’re executing an aggressive product plan around the world, and at the same time we are working systematically to simplify the business and truly leverage our scale to grow our margins,” said Dan Ammann, senior vice president and CFO.

    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’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. 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.

    Forward-Looking Statements

    In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; the overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

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    With the Euro Depression these numbers are about what I expected. I think there is more GM can do to increase efficiencies but anyone who was aware of the world issues should have expected a drop since the Asian companies came back online after the problems in that country.

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    I still maintain that GM's woes in Europe are not directly capacity related but distribution related. Their dealer network there, across all of the brands they sell in Europe, is woefully inadequate compared to the natives. If anyone has a source of dealership numbers to confirm, I'd love to see it, but my feel is that Opel dealers are outnumbered by VW 4 to 1 in Germany and twice that outside of Germany. In France, Citroen, Peugot, and Renault dominate (of course) but I don't recall seeing a single Opel dealership in the week I was traveling around Paris while I saw multiple installations of the French brands.... and this was one of two Chevrolet dealers I spotted.

    post-51-0-28485800-1335216144.png

    While I love the vintage Olds, shouldn't there be a new Cruze in the window?

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    That is the front. In the other window is a vintage Camaro, but no new cars to be seen. This is in the very heart of Paris. Drive that Olds through the plate glass and the Eiffel Tower is almost directly in front of you.

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    That is the front. In the other window is a vintage Camaro, but no new cars to be seen. This is in the very heart of Paris. Drive that Olds through the plate glass and the Eiffel Tower is almost directly in front of you.

    Cool...

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    • By William Maley
      Over the weekend, General Motors published and then deleted the power figures for the new 6.6L Duramax Diesel V8 that would be appearing in the 2017 Chevrolet Silverado HD and GMC Sierra HD. Today at the Texas State Fair, GM revealed everything about this new engine.
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      DALLAS — Chevrolet today announced the redesigned Duramax 6.6L V-8 turbo-diesel offered on the 2017 Silverado HD. This next-generation redesign offers more horsepower and torque than ever — an SAE-certified 445 horsepower (332 kW) and 910 lb.-ft. (1,234 Nm) — to enable easier, more confident hauling and trailering.
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      Additionally, the Duramax’s pistons don’t use pin bushings, reducing reciprocating weight to help the engine rev quicker and respond faster to throttle changes.
      Lightweight cylinder heads, solenoid injectors
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      A new aluminum head casting uses a new double-layer water core design that separates and arranges water cores in layers to create a stiffer head structure with more precise coolant flow control. The heads’ airflow passages are also heavily revised to enhance airflow, contributing to the engine’s increased horsepower and torque.
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      Electronically controlled, variable-geometry turbocharging system
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      Along with a new camshaft profile and improved cylinder head design, the Duramax’s new variable-vane turbocharger enables the engine to deliver more power with lower exhaust emissions. It uses a more advanced variable-vane mechanism, allowing a 104-degree F (40 C) increase in exhaust temperature capability. The self-contained mechanism decouples movement from the turbine housing, allowing operation at higher temperature. That enables the engine to achieve higher power at lower cylinder pressure. Additionally, it has lower internal leakage, allowing more exhaust energy to be captured during exhaust braking.
      The integrated exhaust brake system makes towing less stressful by creating added backpressure in the exhaust, resulting in negative torque during deceleration and downhill driving, enhancing driver control and prolonging brake pad life.
      Venturi Jet Drain Oil Separator
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      The new Duramax also provides outstanding cold-weather performance, with microprocessor-controlled glow plugs capable of gas-engine-like starting performance in fewer than 3 seconds in temperatures as low as -20 degrees F (-29 C) without a block heater. The system is enhanced with ceramic glow plugs and automatic temperature compensation — a first-in-class feature providing improved robustness and capability. The automatic temperature compensation assesses and adjusts the current to each glow plug for every use, providing optimal temperature for cold start performance and durability.     
      Electronic throttle valve and cooled EGR
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      The exhaust is cooled in a unique heat exchanger before it’s fed into the intake stream through a patented EGR mixing device, further improving emissions and performance capability. An integrated bypass allows non-cooled exhaust gas to be fed back into the system to help the engine more quickly achieve optimal operating temperature when cold.
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      Manufacturing
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      Allison 1000 Automatic Transmission
      The proven Allison 1000 six-speed automatic transmission is matched with the new Duramax 6.6L. A number of refinements have been made to accommodate the engine’s higher torque capacity, including a new torque converter.
      The Allison 1000’s technologically advanced control features, such as driver shift control with manual shift feature and a patented elevated idle mode cab warm-up feature, haven’t changed. Also, the Tow/Haul mode reduces shift cycling for better control and improved cooling when towing or hauling heavy loads.
      There’s also a smart diesel exhaust brake feature that enhances control when descending steep grades.
    • By William Maley
      The seemingly never-ending diesel heavy-duty truck war is back in force with Ford announcing the power figures for the F-Series Super Duty back in the summer. We were wondering when either FCA or GM would strike back. Well GM did this over the weekend by accidently and then subsequently deleting the figures for the next-generation Duramax V8 diesel.
      Truck Trend got screenshots of GM Powertrain's website where the details of the L5P 6.6L Duramax turbodiesel are there to see: 445 horsepower and 910 pound-feet of torque. Compared the 6.7L PowerStoke V8 found in the 2017 F-Series Super Duty, the updated Duramax produces 5 more horsepower but is slight behind in torque (15 down from the PowerStroke's 925 pound-feet).
      We know for sure that the new Duramax will debut a new air intake system (you can see the new hood scoop in the picture above). More air is a good thing as it means better cooling and more power.
      The Texas State Fair is this week and it has become a showplace for the various truck manufacturers to make big announcements. We wouldn't be shocked if General Motors debuts the new Duramax there.
      Source: Truck Trend

      View full article
    • By William Maley
      The seemingly never-ending diesel heavy-duty truck war is back in force with Ford announcing the power figures for the F-Series Super Duty back in the summer. We were wondering when either FCA or GM would strike back. Well GM did this over the weekend by accidently and then subsequently deleting the figures for the next-generation Duramax V8 diesel.
      Truck Trend got screenshots of GM Powertrain's website where the details of the L5P 6.6L Duramax turbodiesel are there to see: 445 horsepower and 910 pound-feet of torque. Compared the 6.7L PowerStoke V8 found in the 2017 F-Series Super Duty, the updated Duramax produces 5 more horsepower but is slight behind in torque (15 down from the PowerStroke's 925 pound-feet).
      We know for sure that the new Duramax will debut a new air intake system (you can see the new hood scoop in the picture above). More air is a good thing as it means better cooling and more power.
      The Texas State Fair is this week and it has become a showplace for the various truck manufacturers to make big announcements. We wouldn't be shocked if General Motors debuts the new Duramax there.
      Source: Truck Trend
    • By William Maley
      The tentative agreement between General Motors and Canadian union Unifor has a $400 million investment going to Oshawa for a new product. Unifor President Jerry Dias said at a press briefing yesterday morning that Oshawa would be the only GM plant that will build cars and trucks. Neither side is saying what that product might be.
      But Canadian newspaper The Globe and Mail has learned from sources that Oshawa will be handling the final assembly of the Chevrolet Silverado and GMC Sierra. Truck bodies from GM's Fort Wayne Assembly in Indiana will travel to Oshawa to have interiors installed and final assembly. The Detroit News reports something similar, although their source says it will only be the Silverado.
      Oshawa has a history of building pickups. For four decades, Oshawa was one of the places where GM built the Silverado and Sierra. But in 2009, GM closed the truck plant due to the recession. 
      The Globe and Mail also reports that production of the XTS has been extended at Oshawa. Analysts believed previously that XTS production would end in 2019.
      Source: The Globe and Mail, The Detroit News

      View full article
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