General Motors drives for a first profit in three years
General Motors posted a first-quarter profit in the United States could put it on track for its first full-year profit since 2007. GM, was filed for bankruptcy protection last year.
GENERAL MOTORS posting a first-quarter profit in the United States could put it on track for its first full-year profit since 2007. GM posted a net profit of $865 million, compared with a loss of $5.98 billion a year before. It's also a sign that GM may be able to back up CEO Ed Whitacre's forecast of a full-year profit.
General Motors said on Monday May 17 that it earned $865 million in the first quarter, its first profit since 2007, after last year’s government-sponsored bankruptcy allowed the carmaker to wipe away many of its longstanding burdens. GM said revenue was up 40 percent, to $31.5 billion, and it had positive cash flow of $1 billion.
The company earned $1.2 billion before interest and taxes in North America, the region where G.M. had sustained most of its losses in recent years. In the fourth quarter, GM lost $3.4 billion in North America. Worldwide, GM earned $1.7 billion before interest and taxes. The Detroit automaker managed to earn $1.66 per share on revenue of $31.5 billion in the quarter ended March 31, after a loss of $9.78 per share on $22.4 billion in revenue a year earlier.
GM, had filed for bankruptcy protection last year. The profit was in part the result of a 40pc rise in sales, bolstered by strength in Latin America and Asia, rising to $31.5bn. The government now owns 61 per cent of the company. General Motors Company reported a 6.4% increase in US sales in April to 183,997 cars and trucks from 173,007 a year ago.
The company earned $1.2 billion before interest and taxes in North America, the region where G.M. had sustained most of its losses in recent years. In the fourth quarter, GM lost $3.4 billion in North America. Worldwide, GM earned $1.7 billion before interest and taxes. The Detroit automaker managed to earn $1.66 per share on revenue of $31.5 billion in the quarter ended March 31, after a loss of $9.78 per share on $22.4 billion in revenue a year earlier.
GM, had filed for bankruptcy protection last year. The profit was in part the result of a 40pc rise in sales, bolstered by strength in Latin America and Asia, rising to $31.5bn. The government now owns 61 per cent of the company. General Motors Company reported a 6.4% increase in US sales in April to 183,997 cars and trucks from 173,007 a year ago.
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