G.M.’s Earnings Triple in First Quarter

[Gerald]

General Motors said Thursday that it made $3.2 billion in the first quarter, more than triple what it earned in the quarter a year ago and its fifth consecutive profitable quarter.

Earnings were higher than expected, and included $1.9 billion in one-time gains for the sale of G.M.’s ownership interests in the Delphi parts maker and the Ally Financial credit-company. G.M. also took charges of $500 million related to its international operations.

Earnings were or $1.77 a share, compared with 55 cents in the quarter a year ago.

Without the charges and gains, the automaker earned about $1.7 billion, its best quarterly performance in more than a decade. In the quarter a year ago, G.M. reported a profit of $900 million.

“We are on plan,” Daniel F. Akerson, G.M.’s chairman and chief executive, said in a statement. “G.M. has delivered five consecutive profitable quarters, 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.”

G.M. said revenue in the quarter increased 15 percent to $36.2 billion , and it ended the quarter $30.6 billion in cash reserves.

http://www.nytimes.com/2011/05/06/bu...motors.html?hp

Note: May 5, 2011