General Motors second-quarter net income doubles to $2.9 billion

(July 21, 2016) DETROIT — General Motors’ strategy of focusing on retail sales in North America paid off in the second quarter, with net income more than doubling from the year-earlier quarter. GM reported overall net income of $2.9 billion in the second quarter, up from $1.12 billion in the second quarter of 2015.

The company reported records for earnings before interest and tax (EBIT) adjusted of $3.9 billion and EBIT-adjusted margin of 9.3 percent.

These compare to EBIT-adjusted of $2.9 billion and EBIT-adjusted margin of 7.5 percent in the second quarter of 2015, which included the impact of $0.3 billion restructuring costs.

"This was an outstanding quarter for GM," said Chairman and CEO Mary Barra. "Our results were generated by strong retail sales in the U.S., record sales in China and a continued emphasis on improving the performance of our operations worldwide. We'll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility."

Net revenue of $42.4 billion was a record, compared to $38.2 billion in the second quarter of 2015. Holding exchange rates constant, net revenue was $5.0 billion higher than the second quarter of 2015.