GM Suspends Dividend

By Staff Writer May 07, 2020 210

General Motors Co. reported revenue of $32.7 billion and first-quarter earnings heavily impacted by the COVID-19 pandemic. Revenue was down 6.2 percent from 2019’s first quarter and income of $0.3 billion was down nearly 87 percent year-over-year.

“GM has suspended the quarterly dividend on its common stock and the company’s share repurchase program was also paused,” GM’s release stated.

The company described its underlying business performance as “strong.” In the first quarter, GM reported EPS-diluted of $0.17 and EPS-diluted-adjusted of $0.62; EPS diluted-adjusted includes a $(0.28) impact from Lyft and PSA revaluations; income of $0.3 billion, and EBIT-adj. of $1.2 billion, which includes a $(1.4) billion COVID-19 impact.

GM North America reported EBIT-adjusted of $2.2 billion and GM Financial had EBT-adjusted of $0.2 billion.

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Last modified on Thursday, 07 May 2020 13:41

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