• Chairman Mike Bullock and President Van Simpson announced today the International Union appointments of Lou Jones as Adapt representative, Donetta Calloway as Human Resource Development representative and Millie Donnelly as Alternate EAP representative. Mike and Van would like everyone to give them their full support in their new assignments.
• If you were hired as a New Hire in December, 2011, as of August 1styou have health care coverage through Blue Cross Blue Shield by General Motors. However, YOU MUST call Fidelity at 800-489-4646 for health insurance, even if you don’t have dependents. If you have any questions, place a call to your Benefits Representative: Lisa Williams (636-327-2025), Russell Smith (636-327-2314) or Mike Bridgins (636-327-2112).
• As you saw yesterday, July was a breakout month for our van sales. Besides being our best July in 6 years, we outsold Ford by a wide margin and captured over 50% share, a rare achievement in any month since the van launch in 1996. Here is how the van segment shook out in July:
| 2012 | 2011 | Change | Share | |
| GM | 11,980 | 6562 | +82.6% | 51.2% |
| Ford Econoline | 8,574 | 8802 | -2.6% | 36.6% |
| Mercedes Sprinter | 2203 | 1732 | +27% | 9.4% |
| Nissan NV | 651 | 679 | -4% | 2.8% |
| Ford Transit connect | 2627 | 2607 | +1% | --- |
Over all, the industry reported sales on Wednesday of 1.15 million vehicles during July, which was an 8.9 percent improvement over the same period a year ago. That lags the 14.8 percent increase the industry recorded during the first six months of 2012. While sales are still on track to top 14 million vehicles for the entire year, analysts said growth appeared to be slowing somewhat. Industry incentives remained flat in July compared with the previous month, with an average discount per vehicle of about $2,200, according to Edmunds.com, an auto information site that compiles incentive data.
General Motors Co. today announced second quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully diluted share. In the second quarter a year ago, GM’s net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share.
Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. The decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011. Total restructuring expense included in EBIT-adjusted for the second quarter of 2012 was $0.1 billion.
“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,” said GM chairman and CEO Dan Akerson. “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 North America (GMNA) reported EBIT-adjusted of $2.0 billion, compared with $2.2 billion in the second quarter of 2011. (Total GMNA profits for the first 6 months are $3.656 billion, which equates to $3500 in profit sharing)
GM Europe (GME) reported an EBIT-adjusted loss of $0.4 billion, compared with EBIT-adjusted of $0.1 billion in second quarter of 2011.
GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, equal to the second quarter of 2011.
GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, compared with EBIT-adjusted of $0.1 billion in the second quarter of 2011. The second quarter 2012 results include $0.1 billion in restructuring expenses.
GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.1 billion a year ago.
In the Corporate segment, GM reported EBIT-adjusted of $(0.2) billion, of which $(0.1) billion was attributable to a non-cash foreign exchange loss. For the quarter, automotive cash flow from operating activities was $3.8 billion and automotive free cash flow was $1.7 billion. GM ended the quarter with very strong total automotive liquidity of $38.5 billion. Automotive cash and marketable securities was $32.6 billion, compared with $31.5 billion at the end of the first quarter of 2012.
At the end of the first quarter, GM indicated that GMNA’s results for the second and third quarters of 2012 were expected to be comparable to the first quarter. Second quarter GMNA results were stronger in part due to timing of spending that was deferred to the third quarter. GM continues to expect that the average of its second and third quarter EBIT-adjusted in GMNA will be comparable to first quarter results. “We’re executing an aggressive product plan around the world, and at the same time we are working systematically to simplify the business and truly leverage our scale to grow our margins,” said Dan Ammann, senior vice president and CFO.
Tom Brune
UAW/GM Communications Coordinator
Wentzville Assembly
636-327-2119
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