GM reports third quarter net income of $0.7bn

GM Company

General Motors Co.  (GM)  has announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5 billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense.

Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock.

Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012, “ a statement made available to E-biz247 by the Communications Manager – General Motors Sub-Saharan Africa Export markets

General Motors East Africa, Ruth Mugugu, said net revenue during the quarter was $39.0 billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012, “ the statement added.