May 5, 2011

THANKS, BARRY!:

GM profit soars to $3.2 billion in first quarter (Tiffany Hsu, 5/05/11Los Angeles Times)

In its fifth straight profitable quarter, the nation's largest automaker saw net income boom to $1.77 a share from 55 cents a share, or $900 million, in the first quarter of last year.

Revenue spiked to $36.2 billion, up $4.7 billion from the same period in 2010, GM said before the market opened Thursday. The company also reported onetime gains of $1.9 billion after selling its stakes in parts supplier Delphi Automotive and Ally Financial.

"We are on plan … thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth," said Chief Executive Dan Akerson in a statement.


Even the least sensible bailouts are going to make us money.


Posted by at May 5, 2011 12:46 PM
  

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