General Motors Corp. (NYSE: GM) has just reported second-quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully diluted share. That compares to $1.54 per share in the year-ago period. Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. Thomson Reuters consensus estimates called for $0.74 EPS and $38.58 billion revenue. The Big Three auto maker attributed the decline in revenue almost entirely to the strengthening of the U.S. dollar versus other major currencies.
Chairman and CEO Dan Akerson said:
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. … 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.
GM, like Ford Motor Co. (NYSE: F), said Wednesday that U.S. sales declined in July, which surprised analysts. GM’s sales fell 6% year-over-year, even though Cadillac sales were up 21%.
GM shares are up more than 3% in premarket trading to $20.40, in a the 52-week trading range of $18.72 to $27.68. Thomson Reuters had a consensus analyst price target of $31.63 before this news. Ford shares are more than 1% higher in premarket trading as well.