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General Motors' first-quarter net profit of $3 billion soars by 949%

by:Yisheng      2021-06-04

Automotive Information Network, May 6th. General Motors released the first quarter of 2021 financial report. In the first quarter, GM's net income reached 32.5 billion US dollars; net profit reached 3 billion US dollars, a sharp increase of 949% from the 286 million US dollars in the same period last year; Adjusted profit before interest and tax reached 4.4 billion U.S. dollars; net profit margin reached 9.3%, adjusted pre-interest and tax profit margin reached 13.6%, compared to only 3.8% in the same period last year; diluted earnings per share was 2.03 US dollars, adjusted for each dilution The share yield was $2.25.

GM's adjusted EBIT in the North American market reached 3.1 billion U.S. dollars, and the adjusted EBIT margin was 12.1%; the adjusted EBIT in the international market reached 300 million U.S. dollars, and the investment income in the Chinese market reached 3 Billion US dollars; the pre-tax profit of GM’s financial business reached 1.2 billion US dollars. The strong financial performance is due to the steady pricing trend and competitive product portfolio in the North American market, the good credit and residual value performance of GM's financial business, and the strong recovery in the Chinese market.

Ms. Mary Barra, Chairman and CEO of General Motors, said in a letter to shareholders: “The strong financial report in the first quarter once again demonstrates GM’s strong internal strength. The North American market, The performance of the Chinese market and GM's financial business is particularly outstanding. We will continue to implement the company's development strategy, make strides towards the future of pure electric, and fully grasp the growth opportunities on the road of transformation.'

General Motors predicts that 2021 diluted earnings per share is expected to be between US$4.28 and US$5.03, and adjusted diluted earnings per share is expected to be between US$4.50 and US$5.25; annual net profit is expected to be 68 Between US$100 million and US$7.6 billion, the adjusted pre-interest and tax profit is expected to be between US$10 billion and US$11 billion; the net profit in the first half of the year is expected to reach approximately US$3.5 billion, and the adjusted pre-interest and tax profit is approximately US$5.5 billion.

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