From GM... .
GM achieves net income of $0.9 billion and EPS of $1.66
General Motors Company today announced its first quarter 2010 results, marked by revenue of $31.5 billion and operating income of $1.2 billion. Net income attributable to common stockholders was $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.
GM’s first quarter adjusted earnings before interest and tax (EBIT) was $1.7 billion, after adjusting for the favorable impact of the sale of the Saab brand.
GM North America had EBIT in the first quarter 2010 of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe had a loss before interest and taxes of $0.5 billion; an improvement of $0.3 billion from the fourth quarter. GM International Operations posted EBIT of $1.2 billion, up $0.5 billion from the fourth quarter.
Cash flow from operating activities was $1.7 billion and after adjusting for capital expenditures of $0.7 billion, free cash flow was $1.0 billion. GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
“We’re pleased with our first quarter performance, in particular achieving profitability,” said Chris Liddell, vice chairman and chief financial officer. “In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM.”
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-----The orginal Mr.Goodwrench on the JBO since 11/99-----
For a company that only had enough operating cash to run 30 days or else less than a year ago, they sure seemed to be able to pay back most of the bailout and return to profitability suspiciously soon. And we're supposed to believe they were so broke they'd go out of business in a month not even a year ago? It's painfully obvious they didn't "need" a bailout. Why are we not opening a investigation committee into how GM lied to congress to get taxpayer money. I smell a steaming pile of B.S. somewhere, mark my words we will hear about some new billion dollar plant opening in India and China soon, i know it. And you can bet your money went into helping them take away American jobs. I'm also positive the Union helped steal this money from taxpayers too.
Something just doesn't sound right.
"Formerly known as Jammit - JBO member since 1998" JBOM | CSS.net
they paid it back using a different loan. Kinda like paying off a credit card using another credit card. They still owe a substantial amount.
haha exactly paul... it was all over the news and papers lol.
Maybe their investment in China is paying off. They are selling a ton of cars there.
There are even several models made here that they can't make enough. My neighbour waited 6 months for his Equinox.
In any case, I'm pretty sure they are using some "sophisticated" accounting
Surely it helped to get out from under countless raw deals with suppliers and such.
It's rare to find any company that operates with it's own cash.
it could be they had an issue because of debt load passing the point acceptable in their covenant. in that case it would freeze their operations. I also agree this was a union hack job, look at chrysler. i still think no bailout should have been allowed. it goes against everything in the constitution as far as the role of government. they really abuse that commerce clause.
lone_wolf wrote:Jookycola wrote:For a company that only had enough operating cash to run 30 days or else less than a year ago, they sure seemed to be able to pay back most of the bailout and return to profitability suspiciously soon. And we're supposed to believe they were so broke they'd go out of business in a month not even a year ago? It's painfully obvious they didn't "need" a bailout. Why are we not opening a investigation committee into how GM lied to congress to get taxpayer money. I smell a steaming pile of B.S. somewhere, mark my words we will hear about some new billion dollar plant opening in India and China soon, i know it. And you can bet your money went into helping them take away American jobs. I'm also positive the Union helped steal this money from taxpayers too.
Something just doesn't sound right.
I totally agree.
They "paid off" the majority of their bailout loan by granting restricted shares. They didn't actually pay it back, they just gave something with a theoretical value equal to the amount they owed. They actually paid only a small portion of the bailout off in cash.
I work on Wall Street, but didn't force you to take out a loan you couldn't afford.
