GM Reports Record 1Q Revenue of $41.2B
YOUNGSTOWN, Ohio – General Motors Co. reported a record first-quarter revenue of $41.2 billion, or $1.70 per diluted share, a 10.6% jump from the first quarter last year. The company also set a record for revenue from its North American market as it increased 10.7% to $29.3 billion.
“Our first-quarter results reflect our resolve to grow profitably and demonstrate the strong earnings power of this company,” said GM CEO Mary Barra in the company’s quarterly earnings release. “More importantly, we advanced our strategic plan to transform GM for the long term and unlock more value for our shareholders.”
Among the highlights in the first quarter were the introduction of vehicle-to-vehicle communications and hands-free driving technology in the Cadillac models, the introduction of an unlimited data plan in vehicles equipped with OnStar and, in Europe, the sale of the Opel and Vauxhall brands to PSA Group, effectively ending General Motors’ participation in the market.
“Once closed, the transaction will immediately improve GM’s EBIT-adjusted and adjusted automotive free cash flow,” the company said in its release. “It also will allow the company to lower its cash balance by $2 billion, which it plans to use to accelerate share buybacks, subject to market conditions.”
General Motors North America reported income of $3.4 billion, up from $2.3 billion a year ago, as 689,521 vehicles were sold in the United States, the most in the first quarter since 2008. Sales of crossover vehicles rose 16% and truck sales were up 3%.
In China, retail sales were down 5.2% to 913,442 due to changes in the country’s vehicle tax purchase incentive. In the South American Market, sales were up 10.9% to 147,000.
Copyright 2022 The Business Journal, Youngstown, Ohio.