General Motors Announces Q1 Income
It's that time of the year where automakers start announcing how well they did in the first quarter of 2014. Surprisingly, General Motors reported strong numbers, despite the recall issues. This week, GM announced that it has earned a net income of $0.1 billion, after a $1.3 billion pre-tax recall charge and $0.3 billion in restructuring costs. Net revenue totaled $37.4 billion, up $0.5 billion from the same quarter last year. GM CEO Mary Barra said in a statement, "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. 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." For GM North America, earnings before interest and tax came out to $0.6 billion, which has been adjusted to show the impact of the $1.3 billion pre-tax charge for recall costs. Revenue and free cash flow showed a year-over-year increase, with $2.0 billion in operating activities and $0.2 billion in automotive free cash flow. The automaker plans to use its strength in both the U.S. and China to restructure global operations, which will take up much of the company's focus for the rest of the year. Source: General Motors
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