--> -3.4% pre market
General Motors misses by $0.10, misses on revs; reaffirms FY15 EBIT/margin improvement
Reports Q1 (Mar) earnings of $0.86 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.96; revenues fell 4.5% year/year to $35.7 bln vs the $36.91 bln consensus.
- Earnings before interest and tax (EBIT) adjusted was $2.1 billion and included the impact of $0.1 billion in restructuring costs.
- GM North America reported EBIT-adjusted of $2.2 billion. This compares with EBIT-adjusted of $0.6 billion in the first quarter of 2014, which included the impact of a $1.3 billion pre-tax charge for recall costs.
- GM Europe reported EBIT-adjusted of $(0.2) billion. This compares with EBIT-adjusted of $(0.3) billion in the first quarter of 2014, which included $0.2 billion for restructuring costs.
- GM expects its total EBIT adjusted and EBIT-adjusted margin to increase in 2015, compared to 2014, after adjusting 2014 for the impact of recall costs, with improved automotive results anticipated in all regions.
- Since announcing its $5 billion common stock repurchase program on March 9, 2015, GM has repurchased 19.4 million shares through April 21.
- TTM ROIC at the end of the quarter was 19.5%, compared to 16.9% last year.