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General Motors Q2 profit climbs 380.5% YOY

General Motors Co. said its second-quarter normalized net income came to $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.08 per share.

EPS rose 388.6% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.86 billion, an increase of 380.5% from $386.6 million in the year-earlier period.

The normalized profit margin rose to 3.6% from 1.0% in the year-earlier period.

Total revenue declined on an annual basis to $38.18 billion from $39.65 billion, and total operating expenses decreased 9.9% on an annual basis to $35.60 billion from $39.52 billion.

Reported net income rose 499.4% year over year to $1.11 billion, or 67 cents per share, from $185.7 million, or 11 cents per share.