TABLE - General Motors Corp. Q1 net rises
DETROIT, April 15 (Reuters) -
HIGHLIGHTS - Q1 Financial Results
(Dollars in Millions Except Per Share Amounts)
Three Months Ended
March 31,
1999 1998
Net sales and revenues
Manufactured products $36,620 $34,893
Financial services 3,509 3,310
Other income 2,306 1,821
Total net sales and revenues 42,435 40,024
Income from continuing operations 1,820(3) 1,368
Income from discontinued operations 242 236
Consolidated net income 2,062 1,604
Net profit margin from
continuing operations 4.3% 3.4%
.............................................................
Earnings Attributable to Common Stocks
$1-2/3 par value
Continuing operations 1,783 1,338
Discontinued operations 242 236
$1-2/3 par value 2,025 1,574
Class H 21 14
.............................................................
Basic Earnings Per Share Attributable to Common Stocks
$1-2/3 par value
Continuing operations 2.73(3) $1.96
Discontinued operations 0.37 0.35
$1-2/3 par value 3.10(3) $2.31
Class H (1) 0.20 0.13
.............................................................
Diluted Earnings Per Share Attributable to Common Stocks
$1-2/3 par value
Continuing operations 2.68 1.93
Discontinued operations 0.36 0.34
$1-2/3 par value 3.04 2.27
Class H (1) 0.20 0.13
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HIGHLIGHTS - Q1 Consolidated Net Income
(Dollars in Millions)
Three Months Ended
March 31,
1999 1998
Income Income
(Loss) (Loss)
GM North America (GMNA) $1,408 $841
GM Europe (GME) 174 99
GM Latin America/Africa/Mid-East
(GMLAAM) (25) 53
GM Asia/Pacific (GMAP) (60) 6
Other Automotive 13 (7)
Total GM Automotive (GMA) 1,510 992
Hughes (1) 78 54
Other (141) (42)
Total Automotive, Electronics
and Other Operations 1,447 1,004
GMAC 392 349
Other (19) 15
Total Financing and Insurance
Operations 373 364
Income from continuing operations 1,820 1,368
Income from discontinued operations 242 236
Consolidated Net Income $2,062 $1,604
HIGHLIGHTS - Q1 Automotive Operations
(Dollars in Millions)
Three Months Ended
March 31, 1999
GMNA GME GMLAAM GMAP
Reported
Revenues $27,318 $6,134 $1,022 $620
Pre-tax income (loss) 2,097 281 (58) (25)
Income tax expense (benefit) 665 105 (36) (6)
Equity (loss) income and
minority interests (24) (2) (3) (41)
Net income (loss) 1,408 174 (25) (60)
Net profit (loss) margin 5.2% 2.8% (2.4%) (9.7%)
Effective income tax rate 31.7% 37.4% 62.1% 24.0%
Three Months Ended
March 31, 1998
GMNA GME GMLAAM GMAP
Reported
Revenues $25,889 $5,397 $2,024 $728
Pre-tax income (loss) 1,224 203 16 (8)
Income tax expense (benefit) 386 91 (19) -
Equity (loss) income and
minority interests 3 (13) 18 14
Net income 841 99 53 6
Net profit margin 3.2% 1.8% 2.6% 0.8%
Effective income tax rate 31.5% 44.8% (118.8%) 0.0%
HIGHLIGHTS - Q1 Operating Information
Three Months Ended
March 31,
1999 1998
Worldwide Wholesale Sales (units in 000s)
United States: Cars 671 574
Trucks 637 592
Total United States 1,308 1,166
Canada and Mexico 186 171
Total GM North America 1,494 1,337
GME 470 421
GMLAAM 122 178
GMAP 92 115
Total International 684 714
Total Worldwide 2,178 2,051
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FOOTNOTES:
(1) 1998 results exclude the cumulative effect of accounting
change of $9 million due to Hughes' adoption of SOP 98-5. GM has
reported the $9 million change in fourth quarter 1998 results and
Hughes reported the change as a restatement of first quarter 1998
results.
(2) Amounts exclude depreciation and amortization charges
incurred by the financing and insurance operations.
(3) Records for income and EPS are based upon reported
amounts adjusted to exclude the effects of significant
dispositions not classified as discontinued operations.
(4) First Call earnings estimate for General Motors first
quarter was $2.88 a share.
(5) General Motors first quarter worldwide wholesale vehicle
sales 2,178,000 vs 2,051,000 last year.
(6) General Motors purchased in the first quarter about five
million of its shares worth $480 million.
(7) General Motors results include Delphi Automotive Systems
Corp. , which is being spun off as an independent company.
Delphi is classified by GM in above table as a discontinued
operation.
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