General Motors reported second quarter earnings that bested 2015 by double, according to a press release from the company.
GM said its second-quarter net income to common stockholders of $2.9 billion, up 157% compared to $1.1 billion in the second quarter of 2015. Earnings per share (EPS) diluted was a strong $1.81, compared to $0.67 in the second quarter a year ago.
“This was an outstanding quarter for GM,” said Chairman and CEO Mary Barra, in the release. “Our results were generated by strong retail sales in the U.S., record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.”
The company said it ended the quarter with total automotive liquidity of $34.1 billion, and automotive cash and marketable securities of $20.1 billion.
“When you deliver cars, trucks and crossovers customers really value, and generate efficiencies across the enterprise, great results follow,” said Chuck Stevens, GM executive vice president and chief financial officer, in the release. “With our aggressive vehicle launch cadence and robust global industry sales, we are confident that we can continue to achieve strong financial performance.”
GM Results Overview (dollars in billions except for per share amounts and where noted)
|Q2 2016||Q2 2015|
|Global deliveries (millions of units)||2.4||2.4|
|Net income attributable to common stockholders||$2.9||$1.1|
|Impact of special items on EPS diluted||$(0.05)||$(0.62)|
|% EBIT-adjusted margin||9.3||7.5|
|Automotive net cash flow from operating activities||$5.0||$5.1|
|Adjusted automotive free cash flow||$3.2||$3.3|
|% return on invested capital (ROIC)||30.5||23.4|