General Motors Co. (NYSE: GM) today announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5 billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense.
Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock. Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012.
Net revenue during the quarter was $39.0 billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012.
“We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand,” said Dan Akerson, GM chairman and CEO. “Our efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody’s investment grade rating.”
Cash Flow and Liquidity
For the quarter automotive cash flow from operating activities was $3.3 billion and adjusted automotive free cash flow was $1.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $26.8 billion compared with $24.2 billion for the second quarter of 2013.
“During the quarter strong demand for new vehicles like the Cadillac ATS, Chevrolet Onix and the all-new Chevrolet Silverado helped boost our top-line,” said Dan Ammann, GM executive vice president and CFO. “We also further strengthened our fortress balance sheet and reduced our cost of capital through our $4.5 billion refinancing of high cost obligations.”
