GM posts $865-million profit for first quarter (and taxpayers are largest shareholders)

[Statistical]

General Motors this morning announced an $865-million net profit for the first three months of the year, the first time the Detroit automaker has posted positive quarterly results since 2007 and a major victory coming out of bankruptcy reorganization last summer.

GM reported an operating income of $1.2 billion on $31.5 billion in revenue.

“We’re pleased with our first quarter performance, in particular achieving profitability,” Chris Liddell, GM vice chairman and chief financial officer, said in a statement. “In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM.”

GM executives had been signaling that the company’s business was improving through the first quarter and some had suggested GM would show a profit.

----------------------------




http://www.freep.com/article/20100517/BUSINESS01/100517010/1322/GM-posts-865-million-profit-for-first-quarter

[dmallind]

1. ...and more good news that makes an IPO and profit for the Fed thatmuch closer. NT

[Statistical]

2. Guess nobody wants to hear when GM does well..

I should have titled it "GM fucks up again". Likely would have gotten 1000 views by now.

[Barack_America]

4. Generally, no.

And if you really want to spruce up your title, add something about Detroit being a shit-hole. That never fails to garner thousands of views.

Personally, I find this to be excellent news and was going to post it myself, before I saw this.

[livetohike]

3. Good news! Let's hope it continues and some people will be

called back to work :-).

[Egnever]

5. This is likely to end up being a huge win for the taxpayers

Of course the pukes will still be screaming about the government takeover.

[NotThisTime]

6. I think it's great news! Let's get some people back to work, this will help

[Barack_America]

7. I'd love to know why somebody unrec'ed this.

[cbdo2007]

8. Definitely good news for my Sirius stock today!