GM announces 2Q profit decrease

General Motors Co. today announced second quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully diluted share. In the second quarter a year ago, GM's net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share.

Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. The decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011. Total restructuring expense included in EBIT-adjusted for the second quarter of 2012 was $0.1 billion.

“Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America," said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade."