General Motors today announced net income of $1.2 billion for the second quarter of 2013, on revenue of $39.1 billion. That represents a decline in net income of $300 million compared to Q2 2012, even though revenue was up $1.5 billion year-over-year.
GM attributes the net income decline to the fact that it took a loss on special items that include currency devaluations in South America and the purchasing of shares from General Motors Korea. Automotive News reports that costs in launching and developing the new 2014 Chevrolet Silverado and 2014 GMC Sierra pickup trucks also hurt profits.
Last quarter, GM saw global deliveries rise to 2.5 million units, up from 2.4 million units in the second quarter of 2012. Every one of the company's business regions saw profits increase year-over-year except GM International Operations which saw profits fall from $0.6 billion last year to $0.2 billion this quarter. GM Europe continued to be the only region to post a loss, but it was a smaller loss than in the second quarter of 2012: European lost just $110 million last quarter versus $394 million last year.
So far this year, GM sales in the U.S. are up 8.0 percent year-over-year, with Cadillac sales up 33.2 percent, Buick sales up 11.8 percent, GMC sales up 9.8 percent, and Chevrolet sales up 9.8 percent compared to the first six months of 2012.
Ford Motor Company also posted a second-quarter profit of $1.2 billion this year, which was an increase of $193 million compared to a year prior.
Sources: GM, Automotive News