General Motors announces Q2 results, reports $1.3bn in profits

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12 August, 2010

General Motors Co. reported net profits of $1.3bn on Thursday for second-quarter. Revenue for the second quarter of 2010 was $33.2 billion, an increase of 44 percent over the $23 billion earned in the second quarter of the last year.

GENERAL MOTORS Co. reported net profits of $1.3bn on Thursday for second-quarter. Revenue for the second quarter of 2010 was $33.2 billion, an increase of 44 percent over the $23 billion earned in the second quarter of the last year. First-quarter revenues this year were $31.5 billion.

GM, which is 61% owned by the U.S. government, is seeking to raise $12 billion to $16 billion in an initial public offering. The U.S. government converted an equity stake of the $43 billion of aid through a 2009 bankruptcy process of General Motors. Before the first quarter, GM hadn’t reported a profit since the second quarter of 2007.

In the second-quarter of 2010, global sales of General Motors including Chevrolet, Cadillac and Buick, touched 2,153,000 vehicles. The same was at 1,938,000 vehicles in the year-ago period. GM production was up 46 percent, with 2.2 million units produced worldwide in the quarter from the 1.5 million units in the same period in last year.

General Motors, the No. 1 automaker in terms of U.S. sales, will generate $16 billion in earnings before interest, taxes, depreciation and amortization for 2011. GM is preparing a stock offering, expected to be the largest ever for the U.S. market, in 2011. GM's operating loss in its European unit narrowed to $160 million, a 66% improvement from the first quarter.

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