General Motors announced this week that they earned $865 million in the first quarter of 2013, down from the $1 billion they made during the same period last year.
Net revenue in the first quarter of 2013 was $36.9 billion, down from $37.8 billion in the first quarter of 2012. Earnings before interest and tax adjusted was $1.8 billion, compared to $2.2 billion the first quarter of 2012 according to a company press release.
First quarter EBIT-adjusted results for 2013 include the impact of $0.1 billion in restructuring costs.
Click here for complete sales numbers.
"The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world," said Dan Akerson, GM chairman and CEO in a press statement. "In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka."
The company expects sales to increase as the year goes on and more vehicles are released. GM has high hopes for new vehicles like the Impala, Silverado, and Sierra pickups.
Chevrolet fans will also finally see the release of the new Corvette Stingray and Stingray Convertible by this fall, another model Akerson feels the company will profit greatly off of until 2014 rolls around.
Click to read more about the new Stingray and Stingray Convertible.
Globally, the company will launch approximately 40 different models by the end of the year according to GM Chief Financial Officer Dan Ammann.
"In the automotive business, outstanding product is what wins," said Ammann according to a company press release. "With more than 40 new vehicle introductions this year globally, our focus will be on flawless launches of the vehicles that will drive results this year and into 2014."
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